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A trader buys an appreciating asset on 1 July 20X5 for $10,000. Its value had increased to $11,000 by the end of 20X5 and it was sold at the end of December 20X6 for $12,000. The general price index had risen from 100 on 1 July, to 115 on 31 December 20X5, and to 125 on 31 December 20X6. Under current value accounting, what was the value of the asset just prior to its sale on 31 December 20X6? $________ |