A company revalues its buildings and decides to incorporate the revaluation into the financial statements. The following in formations relevant.
a) Extract from the balance sheet at 31 December 20x7
|
Building
|
|
$
|
|
Cost
|
|
1,500,000
|
|
Depreciation
|
|
450,000
|
|
|
|
1,050,000
|
b) Depreciation has been provided at 2% per annum on a straight line
c) The building is revalued at 30 June 20x8, at $ 1,380,000 there is no change in its remaining estimated future life.
You are required to show the relevant extracts from the financial statement at 31 December 20x8