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Question - On Jan. 1, 2015, SMITH Leasing Inc. acquired a building for a total capitalizable cost of 20,000,000. It is being depreciated over 25 years to a salvage value of 4,000,000. On Jan. 1, 2021, SMITH revalued the old building. Creating the same building now would cost 25,000,000. The old building can be used for 20 more years as of this date. By the end of its useful life, it can be sold for 5,000,000.
How much is the revaluation surplus to be reported on the Statement of Financial Position as of Dec. 31, 2024 assuming that SMITH records piecemeal realization of the Revaluation Surplus? Solutions must be in good accounting form.
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