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Prepare the entries to record this revaluation and

1. Man dive Corp., in accordance with iGAAP, applies revaluation accounting to plant assets with a carrying value of $400,000, a useful life of 4 years, and no salvage value. At the end of year 1, independent appraisers determine that the asset has a fair value of $360,000. Prepare the entries to record this revaluation and depreciation, assuming straight-line depreciation.

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Accounting Basics: Prepare the entries to record this revaluation and

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