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Johnson, a limited liability company, has provided the following information:
Building cost $780,000
Accumulated depreciation $540,000
The company decided to revalue the building to $500,000.
What is the double entry to record the above transaction?Basically the question, what is the difference between the two questions, one is above n one is below. do both of them have same accounting entries?
Claude, a limited liability company, has the following building in its financial statements as at
30 June 2008:
Cost $2,400,000
Accumulated depreciation $(600,000)
_________
Net book value $1,800,000
_________
It has been decided to revalue the property to $3,600,000 on 1 July 2008.
What is the double entry to record the above revaluation?
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