Describe revaluation method to calculate depreciation
Briefly describe revaluation method to calculate depreciation?
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Within this method the fixed assets are valued at the end of every accounting era. The differentiation between the value at the commencement of the period and the value at the end of the period represents the depreciation value that is charged against the loss and profit account. This method is employed in case of assets such as packages, loose tools, Farmers’ livestock and so on.
Depreciation = Value of asset at the end – Value of asset at the beginning + Any new purchases
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The following information is taken from the financial statements of an entity: 20x6 20x5 Property, plant and equipment $4,100,000 $3,600,000 Accumulated depreciation (1,400,000) (1,050,000) Depreciation expense 650,000 Gain on disposal of PPE 35,000 The asset disposed of had a cost of $400,000
I have reviewed the questions within the assignment and I am confused on how to read the financial statement (maybe because we did not cover this information within the class.) I understand the basics of financial statements and I understand the terms used within the questions, but I am not sure I a
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