Account List -

• Accounts Payable
• Accounts Receivable
• Accumulated Depreciation - Buildings
• Accumulated Depreciation - Equipment
• Accumulated Depreciation - Leasehold Improvements
• Accumulated Depreciation - Machinery
• Accumulated Depreciation - Vehicles
• Advertising Expense
• Asset Retirement Obligation
• Buildings
• Cash
• Common Shares
• Contributed Surplus
• Contributed Surplus - Donated Capital
• Cost of Goods Sold
• Deferred Revenue - Government Grants
• Depreciation Expense
• Donation Revenue
• Equipment
• Finance Expense
• Finance Revenue
• Gain or Loss in Value of Investment Property
• Gain on Disposal of Building
• Gain on Disposal of Equipment
• Gain on Disposal of Machinery
• Gain on Disposal of Vehicles
• GST Payable
• GST Receivable
• Interest Expense
• Interest Income
• Interest Payable
• Interest Receivable
• Inventory
• Investment Property
• Land
• Land Improvements
• Loss on Disposal of Building
• Loss on Disposal of Equipment
• Loss on Disposal of Land
• Loss on Disposal of Machinery
• Loss on Disposal of Vehicles
• Machinery
• Repairs and Maintenance Expense
• Mineral Resources
• Mortgage Payable
• No Entry
• Notes Payable
• Notes Receivable
• Office Expense
• Owner's Drawings
• Prepaid Expenses
• Prepaid Insurance
• Profit on Construction
• Purchase Discounts
• Purchase Returns and Allowances
• Rent Expense
• Revaluation Gain or Loss
• Revaluation Surplus (OCI)
• Revenue - Government Grants
• Salaries and Wages Expense
• Salaries and Wages Payable
• Sales Revenue
• Service Revenue
• Supplies
• Supplies Expense
• Tenant Deposits Liability
• Vehicles

NEED HELP WITH THE RED MARK!

Sheridan Corporation owns and manages a small 10-store shopping centre, which it classifies as an investment property. Sheridan has a May 31 year end and initially recognized the property at its acquisition cost of $10.7 million on June 2, 2019. The acquisition cost consisted of the purchase price of $10 million, costs to survey and transfer the property of $456,000, and legal fees to acquire the property of $244,000. Sheridan determines that approximately 28% of the shopping centre's value is attributable to the land, with the remainder attributable to the building. The following fair values are determined: Date Fair Value May 31, 2020 $10,600,000 May 31, 2021 $10,496,000 May 31, 2022 $11,093,000 Sheridan expects the shopping centre building to have a 35-year useful life and a residual value of $1.334 million. Sheridan uses the straight-line method for depreciation. - Your answer is partially correct. Assume that Sheridan decides to apply the cost model. What journal entries, if any, are required each year? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit 020 Depreciation Expense 133257 Accumulated Depreciation - Buildings 133257 021 Depreciation Expense 133257 Accumulated Depreciation - Buildings 133257 022 Depreciation Expense 133257 Accumulated Depreciation - Buildings 133257 e Textbook and Media List of Accounts Your answer is partially correct. Assume that Sheridan decides to apply the fair value model. Prepare the journal entries, if any, required at each year end. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) ! Account Titles and Explanation Debit Credit 20 Loss on Disposal of Building 100000 Investment Property 100000 21 Loss on Disposal of Building 100000 Investment Property 100000 22 Investment Property 597000 Gain or Loss in Value of Investment Property 597000