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What the amount of depreciation expense to be recognized

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Reference no: EM132512285

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 revalued amount of the machine is as follows:

December 31 Fair values of the machine

20x8 ? 360,000

20x9 335,000

2x10 320,000

The enacted tax rate was 30% for each year.

Question 1: The revaluation surplus in the equity section of Light Company's December 31, 20x8 statement of financial position is?

Question 2: The amount of depreciation expense to be recognized in 20x9 is?

Question 3: The amount of revaluation surplus transferred to retained earnings in 20x9 is?

Question 4: The revaluation surplus in the equity section of Light Company's December 31, 2x10 statement of financial position is?

Reference no: EM132512285

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