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Banter Co purchased an office building on 1 January 20X1. The building cost was $1,600,000 and this was depreciated by the straight line method at 2% per year, assuming a 50-year life and nil residual value. The building was re-valued to $2,250,000 on 1 January 20X6. The useful life was not revised. The company's financial year ends on 31 December. What is the balance on the revaluation reserve at 31 December 20X6? A. $650,000 B. $797,000 C. $792,000 D. $810,000 |