ABC acquires a property for 800,000 on 1 Jan 2001. It is depreciated on a...
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ABC acquires a property for 800,000 on 1 Jan 2001. It is depreciated on a straight-line basis over its useful economic life which is estimated to be 40 years. On 1 Jan 2011, the company revalues the machinery to be 750,000 using revaluation model. On 1 Jan 2013 the plant was sold for 900,000. ABC year end is 31 Dec.
Clearly show accumulated depreciation, carrying value of the property as of 1 Jan 2011 before revaluation. Show accounting entries on 1 Jan 2011 when plant is revalued. Show accounting entries on disposal of the property on 1 Jan 2013
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