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The following trial balance extract relates to a property which is owned by Company X as of 1 January 2016. Property at cost 12,000 (in 000 EUR) – 25 year original life, Accumulated depreciation 6,000 (in 000 EUR). On 1 October 2016, following marked increase in property prices, Company X decided to revalued its property to 10,000. What will be the depreciation charge for the year ended 31 Dec 2017?
480,000
560,000
640,000
700,000Hi,
I’m not here to just solve the questions for you, sorry. I’ll happily help out on something specific that you do not understand, so please elaborate.
As a starter, the new depreciation charge is based on depreciating the revalued amount over the remaining useful life.
Thanks
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