Robertson Inc. prepares its financial statements according to International Financial Reporting Standards (IFRS). At the end of its 2021 fiscal year, the company chooses to revalue its equipment. The equipment cost $534,000, had accumulated depreciation of $241,000 at the end of the year after recording annual depreciation, and had a fair value of $331,000. After the revaluation, the accumulated depreciation account will have a balance of: (Do not round intermediate calculations.)

Robertson Inc. prepares its financial statements according to International Financial Reporting Standards (IFRS). At the end of its 2021 fiscal year, the company chooses to revalue its equipment. The equipment cost $534,000, had accumulated depreciation of $241,000 at the end of the year after recording annual depreciation, and had a fair value of $331,000. After the revaluation, the accumulated depreciation account will have a balance of: (Do not round intermediate calculations.)

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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