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Hi John,
can you help me, please, with the following problem?
On 01.01.20×8 Baker Co revalued itd property to 100000 $. At that date the asset was accounted for at a cost of 80000 $ and had accumulated depreciation 20000 $. The property had an usefull life of 50 years from the date of purchase and nil residual value.What if the amounts of excess depreciation transfer required from revaluation surplus to retained earnings at 31.12.20×8.
Thank you,
Camelia
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