Company Three purchased land for $1,000,000. Fair value was $600,000 at the beginning of the year and

Question:

Company Three purchased land for $1,000,000. Fair value was $600,000 at the beginning of the year and $1,100,000 at the end of the year.
Required:
Prepare the journal entry to record the revaluation adjustment.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Intermediate Accounting

ISBN: 978-0132612111

Volume 1, 1st Edition

Authors: Kin Lo, George Fisher

See More Books

Question Posted: Feb 04, 2016 04:52 AM

See More Questions

Company One purchased land for $1,000,000 during the year. Fair value at the end of the year was $1,250,000. Required: Prepare the journal entry to record the revaluation adjustment.
Company Two purchased land for $1,000,000. Fair value was $500,000 at the beginning of the year and $400,000 at the end of the year. Required: Prepare the journal entry to record the revaluation...
Company Four purchased land for $1,000,000. Fair value was $1,250,000 at the beginning of the year and $800,000 at the end of the year. Required: Prepare the journal entry to record the revaluation...
Unfiltered olive oil must flow at a minimum speed of 3.0 m/s to prevent settling of debris in a pipe. The oil leaves a pump at a pressure of 88 kPa through a pipe of radius 9.5 mm. It then enters a...
At May 31, Brunet Company has net sales of $340,000 and cost of goods available for sale of $230,000. Compute the estimated cost of the ending inventory , assuming the gross profit rate is 35%.
Consider the following relation: CAR_SALE(Car#, Date_sold, Salesperson#, Commission%, Discount_amt) Assume that a car may be sold by multiple salespeople, and hence {Car#, Salesperson#} is the...
Downloading apps to your cell phone. According to a study, nearly 40% of adult cell phone owners have downloaded an application (app) to their cell phone. The accompanying table gives the probability...
Discuss the impact, both positive and negative, of termination on the project team members. How might the negative impact be lessened?
4 On December 30, Billy's Boat Yard (BBY) had $90,000 of cash, $20,000 of abilities, $30,000 of common stock, and $40,000 of unrestricted retained earnings. On December 31, BBY appropriated retained...
Amherst City provides a defined benefit pension plan for employees of the city electric utility, an enterprise fund. Assume that the projected level of earnings on plan investments is $190,000, the...
a. Explain why non-current assets held for sale should be presented separately from other non-current assets. b. Explain why non-current assets held for sale should he recorded at the lower of their...
Sierra Mountain Gear Ltd. had retail operations throughout most of Canada. In 2012, the company decided to sell all of its stores in the western provinces to a competitor; however, the sale was not...
State three major general characteristics that define a channel.
Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity...
Openthe Phetsimulation Charges and Field from this link: ( https://phet.colorado.edu/en/simulation/charges-and-fields ) . In this simulation, a little different model is used: the little yellow "E...
A particle of mass m that is moving along the x-axis is experiencing a restoring force of the form F = -k+x, where kf is the spring constant. The Hamiltonian for this system is given as: = d 2m dx +...
Distinguish carefully between the following terms: i) Resolution and Sensitivity. ii) Type A and Type B evaluations of measurement uncertainty. [30%] (b) Describe two common schemes used for the...
Write out the form of the partial fraction decomposition of the function (See Example). Do not determine the numerical values of the coefficients. (a) +3 x5 + 2x3 A B C x Dx + E ++++ 2+2 6 (b)...
You are given a project to manage. How do you decide whether to use a plan-driven or adaptive approach?
In Exercises evaluate the limit, using LHpitals Rule if necessary. lim 07x cos x X
Present value You and your husband (wife) just had a nasty divorce. You, being the bread winner in the family, have to pay support to him (her) for the next fifteen years. You haggle out a price of...
(Objectives of Financial Reporting) Karen Sepan, a recent graduate of the local state university, is presently employed by a large manufacturing company. She has been asked by Jose Martinez,...
(Accounting Numbers and the Environment) Hardly a day goes by without an article appearing on the crises affecting many of our financial institutions in the United States. It is estimated that the...
(Accounting Numbers and the Environment) Hardly a day goes by without an article appearing on the crises affecting many of our financial institutions in the United States. It is estimated that the...
Be prepared to explain the texts comprehensive To illustrate the issues related to interest capitalization, assume that on November 1, 2016, Shalla Company contracted Pfeifer Construction Co. to...
On April 1, 2020. Indigo Company received a condemnation award of $473,000 cash as compensation for the forced sale of the company's land and building, which stood in the path of a new state highway....
The market price of a stock is $24.55 and it is expected to pay a dividend of $1.44 next year. The required rate of return is 11.23%. What is the expected growth rate of the dividend? Submit Answer...

Company Three purchased land for $1,000,000. Fair value was $600,000 at the beginning of the year and

Question:

Step by Step Answer:

Dr Land 1100000 500000 600000 Cr Gain on land r...View the full answer

Intermediate Accounting

Students also viewed these Accounting questions