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What is the accounting treatment for the revaluation

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Reference no: EM132759576

January Limited bought an asset for $10,000 at the beginning of 2016 which had a life of five years. On 1st January 2018 the asset was revalued to $12,000. The expected useful life has remained unchanged.

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Problem 1: What is the accounting treatment for the revaluation and depreciation as per IAS 16? Show clear concepts and workings.

Reference no: EM132759576

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