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On December 31, Year 1, Classic Company revalued a...

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On December 31, Year 1, Classic Company revalued a patent under IFRS. On that date, the patent had a carrying value of $250,000, a fair value of $200,000, and a remaining useful life of 5 years. On December 31, Year 2, the patent's fair value was $175,000. In its December 31, Year 2 financial statements, Classic will report a current period revaluation:

 

Paper#6597 | Written in 18-Jul-2015

Price : $25
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