Revaluation model Mongolia Inc.owns equipment that it purchased on January 1, 2015 for $4 Million. The following additional information is available: Dec 31, 2015 - Book value (after recording 2015 depreciation): $3,600,000 Dec 31, 2015 - Fair value: $4,100,000 The company uses the revaluation model (asset adjustment method)to account for its property, plant and equipment. Instructions Assuming the entry for the current year's depreciation has already been recorded, prepare the entr(ies)to adjust the asset's carrying amount to fair value.

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The Answer of Revaluation model Mongolia Inc.owns equipment that it purchased on January 1, 2015 for $4 Million. The following additional information is available: Dec 31, 2015 - Book value (after recording 2015 depreciation): $3,600,000 Dec 31, 2015 - Fair value: $4,100,000 The company uses the revaluation model (asset adjustment method)to account for its property, plant and equipment. Instructions Assuming the entry for the current year's depreciation has already been recorded, prepare the entr(ies)to adjust the asset's carrying amount to fair value.

Revaluation Model Mongolia Inc