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At 31 December 20X3 Q, a limited liability company, owned a building that had cost $800,000 on 1 January 20W4.
It was being depreciated at 2% per year.
On 31 December 20X3 a revaluation to $1,000,000 was recognised. At this date the building had a remaining useful of 40 years.
What is the balance on the revaluation surplus at 31 December 20X3 and the depreciation charge in the statement of profit or loss for the year ended 31 December 20X4.
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