Omar Company owns a property which was revalued to $ 625,000 on 31 December 2018...
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Accounting
Omar Company owns a property which was revalued to $ 625,000 on 31 December 2018 with a revaluation gain of $250,000 being recognized as other comprehensive income and recorded in the revaluation surplus. At 31, December 2020 the property had a carrying amount of $575,000 but the recoverable amount of the property was estimated at only $250,000.
1- What is the amount of impairment?
2- How the revaluation and the impairment should be treated in the financial statements?
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