A french company reporting using ifrs purchased its only, Financial Accounting

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A french company reporting using ifrs purchased its only

A French company reporting using IFRS purchased its only building on January 1, 2009, for €20,000,000. The building has a 20-year useful life with no net salvage value. The building is being depreciated on a straight-line basis. Assume the company intends to revalue the building to its December 31, 2012, fair value of €17,000,000. Prepare the entry to record the revaluation.

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Financial Accounting: A french company reporting using ifrs purchased its only

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Financial Accounting: A french company reporting using ifrs purchased its only

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