Accounting · Revaluation of Non-Current Assets
An entity has decided to adopt the revaluation model for the first time from 31 December 20X6. At that date, details relating to two properties were as follows: - Head office: Carrying amount = $10,200,000; Fair value = $10,800,000 - Factory: Carrying amount = $7,875,000; Fair value = $7,500,000 What is the balance on the revaluation surplus account at 31 December 20X6?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1$0
- 2$600,000✓
- 3$375,000
- 4$225,000
Correct answer
$600,000
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