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Elephant Ltd measures their non-current assets using the revaluation model, in accordance with AASB 116. On 30 June 20X1, after accounting for depreciation, the Statement of Financial Position showed the following information for one of their buildings:
$
Building 1,267,000
Accumulated depreciation (400,000)
Previous revaluations of the building had resulted in the recognition of a balance in the Asset Revaluation Surplus of $49,000. On 30 June 20X1, the fair value of the building was determined by an independent valuer to be $540,000. The tax rate is 30%.
Required:
Question 1: Write in the box below the amount that Elephant Ltd would debit to Profit or Loss to account for the revaluation of the building.
Financial Statement Analysis and Preparation
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