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services systems (e.g., electric, heating, and plumbing) are
20% of the cost and have a useful life of 25 years. The
depreciation in the first year using component depreciation,
assuming straight-line depreciation with no residual value, is:

23) Which of the following statements is correct?

Both IFRS and GAAP permit revaluation of property, plant,
and equipment.

IFRS permits revaluation of property, plant, and equipment
but not GAAP.

Both IFRS and GAAP do not permit revaluation of property,
plant, and equipment.