Dancing Inc. uses the revaluation surplus for their equipment. On December 31, 2021, the company had the
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Dancing Inc. uses the revaluation surplus for their equipment. On December 31, 2021, the company had the following balances: Equipment, $1,100,000, Acc Depr, $165,000, Revaluation Surplus, $112,000. The fair value of the equipment on December 31, 2021, was $795,000. The company uses the proportionate method. The company would report the following at year end:
Revaluation Surplus: $0
Loss on Revaluation: $28,000
Show how this was calculated in detail and the entry. Use T-accounts if needed.
Related Book For
Intermediate Accounting Volume 1
ISBN: 978-1119496496
12th Canadian edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
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