Revaluation of tangible Non-Current Assets

Hi John

Please help me with this question

I have watched the lecture on depreciation a few times but still confused with this:

31 Dec 20×3 a company owned a building that had cost $800,000 on 1 Jan 20W4. Depreciation was at 2% per year

31 Dec 20×3 a revaluation to $1,000,000 was recognised at this date the building had a remaining useful life of 40 years
what is the depreciation charge for the year ended 31 Dec 20×4 and revaluation surplus balance as at 20×3

What do they mean by 20W4 is that Jan 20×4?

Step by step

I opened all my T-accounts:

Building:
Dr Cash 800,00
Dr Revaluation 200, 000
Cr balance 1,000, 000

Dr Depreciation 160, 000
Cr Acc dep 160, 000
based on 100/2=50 So I assume am depreciating on 50 years less 40 =10 giving me 160, 000

Revaluation:
Dr Profit 360, 000???
Cr Building 200, 000
Cr Acc dep 160, 000

I get stuck on where taking this depreciation off the cost and again off the new revaluation value comes in as I did not see this step in the example.

I know how to calculate the depreciation on the revalued amount giving me the 25, 000

Thanks
Zuzie