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ABC Corporation purchased $ 1 0 0 , 0 0 0 bullding on January 1 , 2 0 2 0 lisa year end December 2
ABC Corporation purchased $ bullding on January lisa year end December The company decided to use revaluation every years. The company uses straight line method or depreciation. The Useful life is estimated to be years at purchase no residual, Fallowing tair vaues were observed: Fair value at December : $ Fair value at December : $ Required: A Calculate depreciation expenses for the year and Determine the balance of accumulated depreciation expense on Dec and provide the lournal entry to eliminate accumulated depreciation. B Calculate the carrying value of the building on Dec test for revaluation and provide the journal entries for revaluation. C Calculate depreciation expenses for the year and Determine the balance of accumulated depreciation expense on Dec and provide the journa entry for the elimination of accumulated depreciation. D Calculate the carrying value of the building on Dec test for revaluation and provir the journal entries for revaluation. You must show all calculations. You will get zero grade if journal entries are not supported by calculations.
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