Corbin revalues a foreign building at 520,000, the fair value being determined at a date when the rate is 0.93 euro per 1 dollar, i.e. 483,600 euros. Its carrying amount is 450,000. Case convention: the revaluation is recognised in other comprehensive income. Post the revaluation entry for the amount 33,600.
- Fair value in dollars
- 520,000
- Carrying amount before revaluation
- 450,000
- Revaluation surplus
- 33,600