Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

33 nswered ut of 1.00 On the 1st of Jan 2019. ABC Company started to construct a building to use it as property investment During

image text in transcribed
33 nswered ut of 1.00 On the 1st of Jan 2019. ABC Company started to construct a building to use it as property investment During 2019, the total cost that was incurred on the building under construction account for $4,500,000 During 2020, the company paid $1,800,000 additional cost and the building was completed by Sep 30th, 2020. At this date, the company received an appraisal of the current fair value for this building with $7,500,000. On 31st of Dec 2020, the new fair value for the building was 7,200,000. Based on this information, the value of the building in the statement of financial position on the 31st of Dec 2020 will be question Select one: a. $6,300,000 b. $7,200,000 c. $300,000 O d. $7,500,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

dy dx Find the derivative of the function y=(4x+3)5(2x+1)2.

Answered: 1 week ago

Question

Draw and explain the operation of LVDT for pressure measurement

Answered: 1 week ago