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Question: This car had a revalued amount as at 31 December 2015 of $120,000, prior to any depreciation or revaluation being recognised for the year ended 31 December 2016. This car was revalued for the first time on 31 December 2015, from $130,000 to $120,000. The directors determined that as at 31 December 2015, the car had an estimated remaining useful life of 4 years, and an estimated residual value of $20,000. The directors have determined that the fair value of this car on 31 December 2016 is $116,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
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