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Asset A cost $50,000 on 1 January 20X4. This asset has a useful life of...

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Accounting

Asset A cost $50,000 on 1 January 20X4. This asset has a useful life of 10 years and is revalued to $25,000 on 31 December 20X9.

Asset B cost $50,000 on 1 January 20X7. This asset has a useful life of 5 years and is revalued to $17,000 on 31 December 20X9.

Show how each of the gains or losses will be recorded within the revaluation surplus or the statement of profit or loss.

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