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Make journal entries to record the revaluation

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Reference no: EM132727210

Problem 1: An asset with a cost of $2013 and a carrying amount of $120 is revalued to $150 and has an expected residual value of zero. No equivalent adjustment is made for tax purposes. Cumulative depreciation for tax purposes is $ 13 and the tax rate is 213%. The carrying amount of the asset will he recovered through use. Make journal entries to record the revaluation and related tax consequences.

Reference no: EM132727210

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