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How much is the revaluation surplus on december for stanley

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On January 1, 2020, Stanley Corporation showed land with a carrying amount of $10,000,000 and building with cost of $60,000,000 and accumulated depreciation of $18,000,000. The land and building were revalued on the same date and revealed the fair value of land at $15,000,000 and building at $70,000,000. The original useful life of the building is 20 years and depreciation is computed using the straight line.

Question a. How much is the revaluation surplus on December 31, 2020?

Question b. How much is the annual depreciation for 2020?

Reference no: EM132895681

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