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Fluke acquired a warehouse on 1 January 20X0 for $800,000. It had a 50 year useful life and no residual value. On 1 January 20X5 the warehouse was revalued to $900,000. On 31 December 20X9 the warehouse was revalued to $550,000, the downward revaluation to its existing use value resulting from a decline in market values throughout Europe. Residual values were considered to be nil throughout and there were no revisions to the estimated useful life. What is the amount to be recognised in profit or loss for the year and in other comprehensive income for the year ended 31 December 20X9? A. Profit or Loss $250,000; OCI $nil. B. Profit or Loss $90,000; OCI $160,000. C. Profit or Loss $160,000; OCI $90,000. D. Profit or Loss $90,000; OCI $210,000. E. Profit or Loss $nil; OCI $250,000. |