ICAP CAF
ICAP Certificate in Accounting and Finance (CAF), Pakistan
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Under IAS 16 Property, Plant and Equipment, an entity acquired heavy machinery for PKR 12,000,000 on January 1, 2024, with an estimated useful life of 10 years and nil residual value. On January 1, 2026, after two years of straight-line depreciation, the entity revalued the machinery to its fair value of PKR 11,200,000. What is the revaluation surplus recognized in Other Comprehensive Income (OCI) on January 1, 2026?
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