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What would be the annual depreciation charge

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Question - An asset was purchased on 1 Jan X2 at a cost of £120,000. The estimated useful life of the asset is 20 years and depreciation was calculated on a straight line basis with no expected residual value. On 31 Dec X5, the asset was revalued at £150,000. In the following year ending 31 Dec X6, what would be the annual depreciation charge and what amount could be transferred from the revaluation reserve to retained earnings (annual reserves transfer)?

Reference no: EM132874445

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