Present the assets

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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Present the assets in the statement of financial position on December 31, 2020.

On January 1, 2017, Epitome Company acquired the following
Problem 29-7 (1AA)
property, plant and equipment:
Cost
Useful life
5,000,000
25,000,000
10,000,000
3,000,000
Land
Building
Machinery
Equipment
25
10
At the beginning of 2020, a revaluation of property, plant an
equipment was made by professionally qualified valuers
While no change in the useful life of the assets was indicated
it was ascertained that replacement cost of the assets had
increased by the following percentage:
100%
80%
50%
40%
Land
Building
Machinery
Equipment
It was authorized that such revaluation be rccorded in the
accounts and that depreciation be recorded on the basis of
revalued amount.
Transcribed Image Text:On January 1, 2017, Epitome Company acquired the following Problem 29-7 (1AA) property, plant and equipment: Cost Useful life 5,000,000 25,000,000 10,000,000 3,000,000 Land Building Machinery Equipment 25 10 At the beginning of 2020, a revaluation of property, plant an equipment was made by professionally qualified valuers While no change in the useful life of the assets was indicated it was ascertained that replacement cost of the assets had increased by the following percentage: 100% 80% 50% 40% Land Building Machinery Equipment It was authorized that such revaluation be rccorded in the accounts and that depreciation be recorded on the basis of revalued amount.
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