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What will be the value of the revaluation surplus

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Question - At the end of its financial year, Tanner Co had the following non-current assets:

Land and buildings at cost $10.4 million

Land and buildings: accumulated depreciation $0.12 million

Tanner Co decided to revalue its land and buildings at the year-end to $15 million. What will be the value of the revaluation surplus if the revaluation is accounted for and what is the accounting entry to record it?

Reference no: EM133095428

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