FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ABC Ltd purchased land for $500,000 on 1 January 2017 and used revaluation model to account for this type of asset. It was revalued on

image text in transcribed

ABC Ltd purchased land for $500,000 on 1 January 2017 and used revaluation model to account for this type of asset. It was revalued on 31 December 2019 to $400,000. A subsequent revaluation on 31 December 2021 found the market value to be $600,000 due to a change in council zoning for the area. What are the journal entries required to record the revaluation of the land on 31 December 2021

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

Accounting Principles

Accounting Principles

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

7th Canadian Edition Volume 1

1119048508, 978-1119048503

More Books

Students also viewed these Accounting questions

Question

★★★★★
Kellys Jewelry reported the following amounts at the end of the year: total jewelry sales = $750,000;sales discounts = $20,000;sales returns= $50,000;sales allowances= $30,000. Compute net sales.

Answered: 1 week ago

Question

★★★★★
55. Suppose that the joint probability mass function of X and Y is P(X = i, Y = j) = j i e2j / j!, 0 i j (a) Find the probability mass function of Y . (b) Find the probability mass function of X....

Answered: 1 week ago

Question

★★★★★
How are most students funded?

Answered: 1 week ago

Question

★★★★★
Compute the current ratio and acid-test ratio for each of the following separate cases. (Round ratios to two decimals.) Which company case is in the best position to meet short-term...

Answered: 1 week ago

Question

★★★★★
E21A-46 please show your work E21A-46 (similar to) Quesion Help Mandarin Company reports the following information for March: (Click the icon to view the data.) Read the requirements Requirement 1....

Answered: 1 week ago

Question

★★★★★
The attached inventory information is for Mra ehf: Nov 1 Stock 30 pcs at ISK 8.00/pc Nov 8. Product purchase 120 pcs at ISK 8.30/pc Nov 17 Product purchase 60 pcs at ISK 8.40/pc Nov 25 Product...

Answered: 1 week ago

Question

★★★★★
Consider a contingency table of observed frequencies with seven rows and five columns. a) How many chi-square degrees of freedom are associated with this table? b) What is the chi-square critical...

Answered: 1 week ago

Question

★★★★★
If a medical screening test to detect a disease whose prevalence is 10/100 has 90% hit rate (rate at which positive results are given for positive cases) and 10% false alarm rate (rate at which...

Answered: 1 week ago

Question

★★★★★
Based on these concepts below, provide some literature reviews that can support these concepts. Supply and demand: This concept refers to the relationship between the quantity of a product that...

Answered: 1 week ago

Question

★★★★★
Question 3 This question applies to parts 1-10. It contains drop-down multiple choice and numerical questions. Not answered Consider a world in which there are only two dates: 0 and 1. At date 1...

Answered: 1 week ago

Question

★★★★★
Why is the ability to be persuasive in communicating verbally or in written form as important as ever at work?Explain

Answered: 1 week ago

Question

★★★★★
Describe the concept of diversity.

Answered: 1 week ago

Question

★★★★★
Explain whether corporate social responsibility can succeed in the global environment.

Answered: 1 week ago

Question

★★★★★
Summarize forecasting human resource availability.

Answered: 1 week ago

Previous Question Next Question