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What is the revaluation surplus in the equity

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Question - Light Company bought a machine for 300,000 on January 1, 20x8. The machine's useful life is 10 years and it is estimated to have a zero residual value and is depreciated using the straight-line method.

The re-valued amount of the machine is as follows:

December 31 Fair values of the machine

20x8 360,000

What is the revaluation surplus in the equity section of light company's December 31, 20x8 statement of financial position?

Reference no: EM132801566

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