The property was estimated as having a useful life of 20 years when it was purchased.
What is the balance on the revaluation surplus reported in the statement of financial position?
COST OF PROPERTY | 160,000 |
Less ACC Depreciation(4 YEARS) | (32,000) |
Carrying value of property | 128,000 |
Revaluation of property | 288,000 |
Surplus in revaluation | 160,000 |