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banter co purchased on office building on 1 january 2001. the building cost was $1,600,000 and this was depreciated by the straight line method 2% per year, assuming a 50years life and nil residual value . The building was re-valued to $2,250,0000 on 1 january 2006. The useful life was not revised. The company’s financial year on 31 december 2006.
What is the balance on the revaluation reserve at 31 december 2006?
A $650,000
B $792,000
C $797,000
D $810,000Do not set test questions here and expect an answer.
You must have an answer in the same book in which you found the question, and so you should ask about whatever in the answer it is that you do not understand.
(If you do not have answers in your book then you are wasting your time with it – you should use a Revision Kit from one of the ACCA approved publishers. The contain exam standard questions, together with answers and explanations.)
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