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  3. question 2 a) the carrying amount of happy co's pr

Question 2 a) The carrying amount of Happy Co's property at the end of the...

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Question 2 a) The carrying amount of Happy Co's property at the end of the year amounted to $108,000. On this date the property was revalued and was deemed to have a fair value of $95,000. The balance on the revaluation surplus relating to the original gain of the property was $10,000 What is the double entry to record the revaluation? b) A company purchased a building on 1 April 20X1 for $100,000 at which point it was considered to have a useful life of 40 years. At the year end 31 March 20X6 the company decided to revalue the building to its current value of $98,000. How will the building be accounted for in the year ended 31 March 20X6? c) An asset that originally cost $16,000 and had accumulated depreciation on it of $8.000- was disposed of during the year for $5,000 cash How should the disposal be accounted for in the financial statements

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