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Bonita Industries applies revaluation accounting to plant assets with a carrying value of $1680000, a...

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Accounting

Bonita Industries applies revaluation accounting to plant assets with a carrying value of $1680000, a useful life of 4 years, and no salvage value. Depreciation is calculated on the straight-line basis. At the end of year 1, independent appraisers determine that the asset has a fair value of $1570000. The entry to record depreciation for this same asset in year two will include a debit to Depreciation Expense for $523333. debit to Depreciation Expense for $420000. debit to Accumulated Depreciation for $420000. credit to Accumulated Depreciation for $310000.

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