Multiple Choice
Memphis Ltd. purchased a building in 2015 for €11,000,000 and as of December 31, 2018 had recorded accumulated depreciation on the building of €4,000,000. On December 31, 2018, the company conducted its first revaluation when the fair value was €27,000,000. Under IAS 16, the journal entry recorded on this date would include:
A) a credit to Revaluation Surplus-Building for €20,000,000.
B) a debit to Revaluation Surplus-Building for €14,000,000.
C) a debit to Loss on Revaluation-Building for €14,000,000.
D) a credit to Loss on Revaluation-Building for €20,000,000.
Correct Answer:
Verified
Correct Answer:
Verified
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