A company acquired a new piece of equipment on January 1, 2011 at a cost of...
A company acquired a new piece of equipment on January 1, 2011
at a cost of $200,000. The equipment is expected to have a useful
life of 10 years, a residual value of $20,000 and is depreciated on
a straight-line basis. On January 1, 2013, the equipment was
appraised and determined to have a fair value of $190,000 and a
residual value of $25,000 and a remaining useful life of 10
years.
At what amount should the equipment be reported on the December 31,
2013 balance sheet under the IFRS revaluation model?
$136,000
$173,500
$110,000
$190,000
$165,000
Homework Answers
Jan 1 valuation = 190,000
Depreciation for 2013 = (190000-25000)/10 = 16500
Value on December 31 = 190000-16500 = 173500
Answer is:
173500
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