Question
A property was purchased at a cost of $10m on 1 January 2017. It has a useful life of 10 years with straight-line depreciation and
A property was purchased at a cost of $10m on 1 January 2017. It has a useful life of 10 years with straight-line depreciation and no residual value.
(a)At 1 January 2018, the property was revalued to $12m and its useful life remains unchanged. Prepare the journal entry to account for this revaluation.
(b)At 1 January 2019, the property was revalued to $6m and its useful life remains unchanged. Prepare the journal entry to account for this revaluation.
(c)At 1 January 2020, the property was revalued to $10m and its useful life remains unchanged. Prepare the journal entry to account for this revaluation.
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College Accounting Chapters 1-15
Authors: James A Heintz, Robert W Parry
19th Edition
0324376162, 978-0324376166
