ABC Inc. has substantial Machinery & Equipment. The company applies the Revaluation Surplus model for these assets. The company had no Revaluation Surplus OCI - Machinery on its books for these assets:
Book Values (after taking depreciation but before revaluation entry) and Fair Values for the following 2 years are shown below: (the table values are in 000's) :
$\begin{array} { | l | l | l | } \hline & \text { BV } & \text { FV } \\\hline \text { December 31, Year 2 } & 60 & 90 \\\hline \text { December 31, Year 3 } & 120 & 80 \\\hline\end{array}$
$\begin{array} { | l | l | l | } \hline & \text { BV } & \text { FV } \\\hline \text { December 31, Year 2 } & 60 & 90 \\\hline \text { December 31, Year 3 } & 120 & 80 \\\hline\end{array}$

-ABC's December 31^st, Year 2 revaluation entry would include:

Question

ABC Inc. has substantial Machinery & Equipment. The company applies the Revaluation Surplus model for these assets. The company had no Revaluation Surplus OCI - Machinery on its books for these assets:
Book Values (after taking depreciation but before revaluation entry) and Fair Values for the following 2 years are shown below: (the table values are in 000's) :

\begin{array} { | l | l | l | } \hline & \text { BV } & \text { FV } \\\hline \text { December 31, Year 2 } & 60 & 90 \\\hline \text { December 31, Year 3 } & 120 & 80 \\\hline\end{array}

\begin{array} { | l | l | l | } \hline & \text { BV } & \text { FV } \\\hline \text { December 31, Year 2 } & 60 & 90 \\\hline \text { December 31, Year 3 } & 120 & 80 \\\hline\end{array}

-ABC's December 31^st, Year 2 revaluation entry would include:

Quizplus · Accepted Answer

The Answer of ABC Inc. has substantial Machinery & Equipment. The company applies the Revaluation Surplus model for these assets. The company had no Revaluation Surplus OCI - Machinery on its books for these assets: Book Values (after taking depreciation but before revaluation entry) and Fair Values for the following 2 years are shown below: (the table values are in 000's): $\begin{array} { | l | l | l | } \hline & \text { BV } & \text { FV } \ \hline \text { December 31, Year 2 } & 60 & 90 \ \hline \text { December 31, Year 3 } & 120 & 80 \ \hline \end{array}$ $\begin{array} { | l | l | l | } \hline & \text { BV } & \text { FV } \ \hline \text { December 31, Year 2 } & 60 & 90 \ \hline \text { December 31, Year 3 } & 120 & 80 \ \hline \end{array}$ -ABC's December 31^st, Year 2 revaluation entry would include:

ABC Inc Has Substantial Machinery & Equipment -ABC's December 31st, Year 2 Revaluation Entry Would Include: A)

ABC Inc Has Substantial Machinery & Equipment -ABC's December 31^st, Year 2 Revaluation Entry Would Include:
A)