Copely Limited Had an Existing Asset Revaluation Surplus in Respect

question 34

Multiple Choice

Copely Limited had an existing asset revaluation surplus in respect to an item of plant that had been derecognised. An appropriate journal entry to transfer the surplus to retained earnings would include which of the following?

• A) DR Gain on revaluation - OCI
• B) CR Asset revaluation surplus
• C) DR Retained earnings
• D) CR Retained earnings

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Definitions:

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