QUESTION 8.20

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October 31, 2020 at 11:33 pm #593697
arahnsathananthan
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Hi John
I hope your Sunday is going well. please can you help me on this question 8.20. The answer does not take into account the depreciation of the original amount . It takes into account the depreciation of the revalued amount of the asset.
November 1, 2020 at 8:52 am #593719
John Moffat
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The answer is correct.
When an asset is revalued, the existing accumulated depreciation is removed and from then on depreciation is calculated on the revalued amount.
I suggest you watch my free lectures on this.
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