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ASSIGNMENT Q5 The reporting date of Trailer is 31 May 2020. On 1/6/18, Trailer acquired...

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Accounting

ASSIGNMENT Q5 The reporting date of Trailer is 31 May 2020. On 1/6/18, Trailer acquired a building at a cost of $90m with a 30 year estimated useful life. On 31/5/19 the building was revalued at $75m. However the market recovered quickly and on 31/5/20 Trailer had its building revalued to $105m. Calculate the amounts to be reported in the financial statements for the y/e 31/5/20

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