I need the answer as soon as possible Instructions: Answer the following questions. Provide allyour computations.CompanyDecember 31, Year 1.Equipment Cost $100,000Purchases date January 1, Year 1Residual Value $0Useful Life 5 yearsFair Value at end of first year $84,000.At December 31, Year 3 the market value of the asset is$30,000.ARL provides the followinginformationonRequires: Using Revaluation Model of IAS 16 ProportionalMethod and Elimination Method to determine:1. Revaluation amount at the end of Year 1.2. Show the Operating Assets Schedule from Year 1 to Year 3.3. Determine the new depreciation expense. (Year 2 and Year3)

ANSWER Revaluation of Assets means a change in the market value of assets whether it is increasing…

Instructions: Answer the following questions. Provide all your computations. Company ARL provides the following information December 31, Year 1. Equipment Cost $100,000 Purchases date January 1, Year 1 Residual Value $0 Useful Life 5 years Fair Value at end of first year $84,000. At December 31, Year 3 the market value of the asset is $30,000. on

Instructions: Answer the following questions. Provide all your computations. Company ARL provides the following information December 31, Year 1. Equipment Cost $100,000 Purchases date January 1, Year 1 Residual Value $0 Useful Life 5 years Fair Value at end of first year $84,000. At December 31, Year 3 the market value of the asset is $30,000. on

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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