Crane Inc. owns assets to which it applies the revaluation model (ass.pdf

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Crane Inc. applies the revaluation model to certain assets. In 2024, depreciation expense was $7440 and the revaluation surplus account balance was $2480 before any fair value adjustments. However, the property's fair value decreased by $12,400 between 2023 and 2024, so Crane's 2024 income statement will include a $12,400 loss from the fair value adjustment.

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Crane Inc. owns assets to which it applies the revaluation model (asset-adjustment method). The
following additional information is available: 1. The depreciation expense for 2024 was $7440.
2. Between December 31,2023 , and December 31,2024 , the property's fair value had increased
by $37200. 3. The December 31,2024 , balance in the revaluation surplus account (prior to any
fair value adjustments) was $2480. Prior to any fair value adjustments at December 31,2023 , the
net book value was $121520 and the fair value was $124000. Assume the same facts as indicated
above, except that, between December 31, 2023, and December 31, 2024, the property's fair
value had decreased by $12400. As a result, Crane's 2024 income statement will include a
$12400loss.$9920gain.$2480loss.$9920loss.

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