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Swifty Company uses IFRS and owns property, plant and equipment with a historical cost of 5320000...

Swifty Company uses IFRS and owns property, plant and equipment with a historical cost of 5320000 euros. At December 31, 2019, the company reported a valuation reserve of 8560000 euros. At December 31, 2020, the property, plant and equipment was appraised at 5540000 euros. The property, plant and equipment will be reported on the December 31, 2020 statement of financial position at 8560000 euros. 8780000 euros. 5320000 euros. 5540000 euros.

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Answer #1

The property, plant and equipment will be reported on the December 31,2020 at the cost of 5320000 euros.

Fixed assets are shown lower of the following :-

a. Historical cost

b. Current Market value

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