Manchester Ltd Has a Building That Originally Cost $850,000 and Has

question 38

Multiple Choice

Manchester Ltd has a building that originally cost $850,000 and has accumulated depreciation of $120,000 as at 30 June 2002. It is decided on 1 July 2002 that the building should be revalued to $820,000. What are the appropriate entries to record the revaluation using the net method?

---

Definitions:

Vision

The ability to see; the sense that allows organisms to detect light and perceive the colors, shapes, and depths of their surroundings.

Sensation

Sensation is the process by which sensory receptors and the nervous system receive and interpret stimuli from the environment, such as light, sound, and touch.

Perception

Perception is the process by which organisms interpret and organize sensory information to produce a meaningful experience of the world.

Interpretation

The act of explaining the meaning of something; in the context of data, it involves determining the significance or implications of the information presented.