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A fully depreciated asset can't be revalued.
a fully depreciated asset can be revalued in special cases such purching acompany or partener come in or out
No. A fully depreciated asset cannot be revalued because of accounting's cost principle, matching principle, and going concern assumption.
For instance, let's assume that a company purchased a building 30 years ago at a cost of $600,000. The company then depreciated the building at a rate of $20,000 per year for 30 years. Today the building continues to be used by the company and it plans to continue using it for many more years. The company's current balance sheet will report the building at its cost of $600,000 minus its accumulated depreciation of $600,000. In other words, the building will be reported at its book value of $0.
A fully depreciated asset cannot be revalued because of accounting's cost principle, matching principle, and going concern assumption.
