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revalution surplus
veritas company accounts for noncurrent assets using the revaluation model.On October , 2010, Veritas classified a freeehold property as held for sale. At that date , property's carrying amount was 2200000 and the balance of revaluation surplus was 1200000. At that date, its fair value was edtimated at 2900000 and the cost to sell at 220000. The property was sold in 2011. What amount should be reported on December 31, 2011.
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