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Prepare the journal entry to account for this revaluation

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Question - A property was purchased at a cost of $10m on 1 January 2017. It has a useful life of 10 years with straight-line depreciation and no residual value.

(a) At 1 January 2018, the property was revalued to $12m and its useful life remains unchanged. Prepare the journal entry to account for this revaluation.

(b) At 1 January 2019, the property was revalued to $6m and its useful life remains unchanged. Prepare the journal entry to account for this revaluation.

(c) At 1 January 2020, the property was revalued to $10m and its useful life remains unchanged. Prepare the journal entry to account for this revaluation.

Reference no: EM132696267

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