A company purchased plant and equipment 4 years ago for $ XXXXXXXXXXDepreciation is provided using the straight line method over 10 years. The company decided to revalue at the end of the fourth year....

A company purchased plant and equipment 4 years ago for $100 000. Depreciation is provided using the
straight line method over 10 years. The company decided to revalue at the end of the fourth year. The
carrying amount was $60 000. The net replacement cost of the plant and equipment was considered to
be $75 000 at that date.

Calculate the gross replacement cost
Calculate accumulated depreciation on gross replacement cost
Calculate the carrying amount [12]