A company acquired a new piece of equipment on January 1, 2011 at a cost...
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A company acquired a new piece of equipment on January 1, 2011 at a cost of $200,000. The equipment is expected to have a useful life of 10 years, a residual value of $20,000 and is depreciated on a straight-line basis. On January 1, 2013, the equipment was appraised and determined to have a fair value of $190,000 and a residual value of $25,000 and a remaining useful life of 10 years. At what amount should the equipment be reported on the December 31, 2013 balance sheet under the IFRS cost model? $160,000 $150,000 $146,000 $140,000 $116,000 References Multiple ChoiceDifficulty: Medi
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