(Solution) - A building has a cost of 500 000 and accumulated depreciation -(2025 Original AI-Free Solution)

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A building has a cost of $500,000 and accumulated depreciation of $40,000. The current value of the building is estimated to be $730,000. The company that owns the building is based in Genovia and uses international financial reporting standards. The company has chosen to recognize increases in the value of long-term operating assets. Make the necessary journal entry.