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Prepare the entries to record this revaluation

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Reference no: EM131120052

1. Man dive Corp., in accordance with iGAAP, applies revaluation accounting to plant assets with a carrying value of $400,000, a useful life of 4 years, and no salvage value. At the end of year 1, independent appraisers determine that the asset has a fair value of $360,000. Prepare the entries to record this revaluation and depreciation, assuming straight-line depreciation. 

Reference no: EM131120052

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