Select the most correct statement:
The revaluation of an asset results in an increase in its carrying amount by C100 000. This revaluation increase was correctly accounted for as a revaluation income, in profit or loss, of C20 000 and a revaluation surplus, in other comprehensive income, of C80 000.
This revaluation will result in the following income being included in the calculation of total comprehensive income for the period:

Question

Select the most correct statement:

The revaluation of an asset results in an increase in its carrying amount by C100 000. This revaluation increase was correctly accounted for as a revaluation income, in profit or loss, of C20 000 and a revaluation surplus, in other comprehensive income, of C80 000.

This revaluation will result in the following income being included in the calculation of total comprehensive income for the period:

Answer

None of the above are correct.

Answer

Revaluation income of C20 000 and the revaluation surplus of C80 000.

Answer

Revaluation income of C20 000.

Answer

Revaluation surplus of C100 000.

Answer

Revaluation surplus of C80 000.    Incorrect

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Select the most correct statement: The revaluation of an asset results in an i...

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