[suran07]

Hello. Your workings are correct based on the question you have presented above.

Cost = $450K
Less Acc. Depn to Dec X5 = $40K
CV at Dec X5 = $410K
Revalued amount = $500K
Revaluation Surplus in OCI = $90K ($500K less $410K)

Additionally, journals seem fine also:

Asset is shown on the SFP at its revalued amount so Dr $50K
Acc.Depn is eliminated so Dr $40K
Revaluation Surplus in OCI is Cr $90K

[Author]

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