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Comprehensive Asset Revaluation Problem (Initial Upward Revaluation, Accumulated Depreciation Elimination Method), IFRS. Hampton Plc. revalues equipment with a carrying value of £715,000 to its fair value of £750,000. The original cost of the equipment was £1,000,000. Hampton uses straight-line depreciation. The equipment has a 10-year useful life and scrap value of £50,000. Assume that Hampton eliminates all prior accumulated depreciation and adjusts the historical cost to fair value. Required » a. What is the revaluation surplus or unrealized loss? b. Where does the firm report the revaluation surplus or unrealized loss in the financial statements? c. What are the journal entries to record the revaluation? d. What is the depreciation expense on the equipment after the revaluation? e. Hampton chooses to take any revaluation surplus to retained earnings over the equipment’s remaining useful life. What is the amount of the surplus, if any, taken to retained earnings in the year following the revaluation? f. If Hampton sells the equipment at the end of the third year after revaluation for £405,000, what are the journal entries? g. Now assume Hampton holds the equipment at the beginning of the fourth year following revaluation and revalues the equipment again when its fair value is £380,000. What are the journal entries to record the revaluation? Where does the firm report the revaluation surplus or unrealized loss in the financial statements? Ignore part (f).
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