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What journal entry is required to adjust the plant assets

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Question - Simpson Company applies revaluation accounting to plant assets with a carrying value of $1,600,000, a useful life of four years, and no salvage value. Depreciation is calculated on the straight-line basis. At the end of year 1, independent appraisers determine that the asset has a fair value of $1,500,000.

Required - What journal entry is required to adjust the plant assets to fair value and record revaluation surplus in year one.

Reference no: EM132481837

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