Taxis Solenne applies the revaluation model to its taxi licences, which are traded on an active market. At 30 June 20X3, a licence bought for 500,000 shows accumulated amortisation of 200,000; its fair value at that date reaches 375,000. Under its accounting policy, Taxis Solenne restates the gross carrying amount proportionately to the change in carrying amount. This asset has never suffered a decrease. Ignore deferred tax effects. Calculate the revaluation surplus and the accumulated amortisation after revaluation.
- Gross carrying amount before revaluation
- 500,000
- Accumulated amortisation before revaluation
- 200,000
- Fair value at 30 June 20X3
- 375,000