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Hi Mike,
When an entity sells a previously revalued asset and makes a transfer of its revaluation surplus to retained earnings, should the transfer be,
“The whole of the asset related revaluation surplus”
OR
“the whole of asset related revaluation surplus less difference between depreciation based on revalued amount and depreciation based on cost”?Or will the treatment be specified by the question?
It should be the whole of the revaluation reserve that relates to that asset
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