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CASE- In Y1, the revaluation loss for an asset was $4000, but in Y2, there was a revaluation gain of $6000.
Questions – 1) How do we treat this gain when there is an existing loss?
2) In Y2, if the gain was $3000, how would we record it?It depends on exact nature of revaluation loss. The following link provides good explanation. Ignore UK part at bottom part of article-
Hope this helps.
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