Kingbird Inc., a publicly listed company, has a building with an initial cost of $380,000....
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Accounting
Kingbird Inc., a publicly listed company, has a building with an initial cost of $380,000. At December 31, 2020, the date of revaluation, accumulated depreciation amounted to $118,000. The fair value of the building, by comparing it with transactions involving similar assets, is assessed to be $288,200.
Prepare the journal entry to revalue the plant under the revaluation model using the proportionate method.
DR Building
CR Accumulated Depreciation - Buildings
CR Revaluation Surplus (OCI)
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