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Which plant and equipment should be

    Assignment Instructions

    Assignment ID: FG132995968

    Problem 1: The revaluation surplus resulting from initial revaluation of property, plant and equipment should be

    Group of answer choices

    Option 1: released to the income statement.

    Option 2: deducted from current assets and added to the property, plant and equipment.

    Option 3: credited to revaluation surplus.

    Option 4: credited to retained earnings.

    Problem 2: Cost incurred subsequently to develop a mining property shall:

    Group of answer choices

    Option 1: be charge to profit or loss over the remaining minerals expected to extract.

    Option 2: be capitalized as part of cost of the mining property and depreciated using the remaining useful life.

    Option 3: be charge to profit or loss as repairs expense.

    Option 4: be capitalized as part of cost of the mining property and capitalized as inventory based on the remaining minerals to deplete.

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