Brahms Ltd Acquired a Property of Land and Building for $1.5

Multiple Choice

Brahms Ltd acquired a property of land and building for $1.5 million.Management estimates the value of land to be 40% of cost.The building is estimated to have a useful life of 50 years.After 25 years,the property was revalued at 1.2 million.It is expected that the life of building will remain the same and salvage value is expected to be $100,000.What is the revaluation gain(loss) for building and the depreciation expense one year after revaluation?

A) $120,000; $24,800
B) ($120,000) ; $28,800
C) $220,000; $24,800
D) ($220,000) ; $28,800
E) None of the given answers