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What are the entries to record the revaluation of the plant

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Question - Value Asset Inc. has an item of plant with an initial cost of $100,000. At the date of revaluation, accumulated depreciation amounted to $55,000. The fair value of the asset, by reference to transactions in similar assets, is increased to be $65,000.

Required - What are the entries to record the revaluation of the plant?

Reference no: EM132705884

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