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Blossom Inc. owns assets to which it applies the revaluation model (asset-adjustment method). The following additional information is available: 1. The depreciation expense for 2024 was $6720. 2. Between December 31, 2023, and December 31, 2024, the property's fair value had increased by $33600. 3. The December 31, 2024, balance in the revaluation surplus account (prior to any fair value adjustments) was $2240. The adjusted December 31, 2024, balance in the related contra-asset account will be O $15680. O $13440. ○ $0. ○ $11200.

Blossom Inc. owns assets to which it applies the revaluation model (asset-adjustment method). The following additional information is available: 1. The depreciation expense for 2024 was $6720. 2. Between December 31, 2023, and December 31, 2024, the property's fair value had increased by $33600. 3. The December 31, 2024, balance in the revaluation surplus account (prior to any fair value adjustments) was $2240. The adjusted December 31, 2024, balance in the related contra-asset account will be O $15680. O $13440. ○ $0. ○ $11200.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Blossom Inc. owns assets to which it applies the revaluation model (asset-adjustment method). The following additional information is available: 1. The depreciation expense for 2024 was $6720. 2. Between December 31, 2023, and December 31, 2024, the property's fair value had increased by $33600. 3. The December 31, 2024, balance in the revaluation surplus account (prior to any fair value adjustments) was $2240. The adjusted December 31, 2024, balance in the related contra-asset account will be O $15680. O $13440. ○ $0. ○ $11200.
Transcribed Image Text:Blossom Inc. owns assets to which it applies the revaluation model (asset-adjustment method). The following additional information is available: 1. The depreciation expense for 2024 was $6720. 2. Between December 31, 2023, and December 31, 2024, the property's fair value had increased by $33600. 3. The December 31, 2024, balance in the revaluation surplus account (prior to any fair value adjustments) was $2240. The adjusted December 31, 2024, balance in the related contra-asset account will be O $15680. O $13440. ○ $0. ○ $11200.
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