The recent report of a professional valuer indicated that


Fragrance plc has owned a factory building for many years. The building is recorded in the statement of financial position (balance sheet) at £250,000, being historical cost of £300,000 less accumulated depreciation of £50,000. The recent report of a professional valuer indicated that the property is valued at £380,000 on an open market basis for its existing use. Explain the effect this information will have on the reported financial statements.

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: The recent report of a professional valuer indicated that
Reference No:- TGS01292945

Expected delivery within 24 Hours