Brahms ltd acquired a property of land and building for 15


Question - Brahms Ltd acquired a property of land and building for $1.5 million. Management estimates the value of the land to be 40% of cost. The building is estimated to have a useful life of 50 years. After 25 years the property was revalued at $1.2 million. It is expected that the life of the building will remain the same and salvage value is expected to be $100,000. What is the revaluation gain/loss for the building and the depreciation expense one year after revaluation?

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Accounting Basics: Brahms ltd acquired a property of land and building for 15
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