Net amount to the revalued amount of the asset


Candy Company owns a building that cost $700,000. The accumulated depreciation on the building is $200,000 so its carrying value is $500,000. Candy Company wishes to revalue all of its building on the December 31, 2008 balance sheet. The fair value is currently $900,000. Prepare the necessary journal entry to carry the building at fair value. Assume Candy Company accounts for accumulated depreciation by eliminating the accumulated depreciation against the gross carrying amount of the asset and restating the net amount to the revalued amount of the asset.

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Accounting Basics: Net amount to the revalued amount of the asset
Reference No:- TGS067417

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