Post Revaluation Adjustment
I have a requirement as follows:
We recently revalued our assets...
Asset : Building, placed in service is 01-Jan-2009, Revaluation Date 01-Jan-2009
Cost | 1200000 |
Acc Dep | 180000 |
NBV | 1020000 |
Revalued Cost | 1500000 |
Revaluation Reserve | 480000 |
But later we realized that original Asset cost should be 1250000, not 1200000. (50000 interest on loan, was not capitalized)
Now the issue is we dont want to change revalued cost 1500000, but want to reduce the revaluation reserve by 50000,
Any help on this would be appreciated!!!
Regards
JK