Homework answers / question archive / On 30 June 2018, the Statement of Financial Position of Emerald Ltd showed the following non-current asset after charging depreciation: Plant 400,000 Accumulated Depreciation (150,000)   250,000 As of 30 June 2018, the company decided to adopt the revaluation model for the plant

On 30 June 2018, the Statement of Financial Position of Emerald Ltd showed the following non-current asset after charging depreciation: Plant 400,000 Accumulated Depreciation (150,000)   250,000 As of 30 June 2018, the company decided to adopt the revaluation model for the plant

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On 30 June 2018, the Statement of Financial Position of Emerald Ltd showed the following non-current asset after charging depreciation:

As of 30 June 2018, the company decided to adopt the revaluation model for the plant. Therefore, on 30 June 2018, an independent valuer assessed the fair value of the plant to be $280,000 with a remaining useful life of 7 years.

On 30 June 2019, the plant was revalued again to its fair value of 195,000 with a the remaining useful life of 6 years.

The income tax rate is 30% and the company uses straight-line depreciation for all property, plant and equipment.