In this assignment, we are going to chronicle the changes in value and ownership of one asset - a one-hectare plot of land on the corner of Cedar Springs Road and McKinney Avenue in Tamborine Mountain, Gold Coast - from January 20Xl through December 20X1. Here are the significant events that happened to that plot of land during this time period:

Required:
When business closes for each day listed below, state:
a which company shows this land in its accounting records as an asset, and b at what dollar amount the land is shown in that company's accounting records.

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4 January 20X1 25 April 20X1 12 December 20X1 22 May 20X2 14 June 20X2 31 December 20X2 The land is purchased for $450 000 by Dalton Realty. Dalton Realty receives an assessment notice stating that the council now values the land at $510 000 for local rate purposes. The land is sold by Dalton Realty to Park Cities Development for $515 000. Park Cities pays in cash. Using the land as collateral (meaning that if Park Cities fails to repay its loan, the bank may get ownership of the land), Park Cities borrows $550 000 from the bank. Park Cities rents the land to Crescent Court Construction for six months. Crescent Court will store construction equipment on the land while making renovations to a nearby housing estate. Park Cities sells the land to Crescent Court Constructions for $590 000.