Accounting Problem

List of Accounts

• 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

Background

A partial statement of nancial position of Sandhill Ltd. on December 31, 2019, showed the following property, plant. and equipment assets accounted for under the cost model {accumulated depreciation includes depreciation for 201?): Buildings $346000 Less: accumulated depreciation 146.000 $200.000 Equipment 513134.000 Less: accumulated depreciation 54.000 80.000 Sandhill uses straight-line depreciation for its building [remaining useful life of 20 years. no residual value]I and for its equipment {remaining useful life ofB years. no residual value}. Sandhill applies IFRS and has decided to adopt the revaluation model for its building and equipment, effective December 31. 2019. On this date, an independent appraiser assessed the fair value ofthe building to be $151,000 and that of the equipment to be $105000. Prepare the necessary general journal entries, if any, to revalue the building and the equipment as at December 31, 2019, using the proportionate method. (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 O for the amounts. Do not round intermediate calculations. Round final answers to O decimal places, e.g. 5,275] Date Account Titles and Explanation Debit Credit Dec. 31, 2019 (To record revaluation of the building) Dec. 31, 2019 (To adjust the Equipment account to fair value}Prepare the entries to record depreciation expense for the year ended December 31, 2020 using the proportionate method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Do not round intermediate calculations. Round final answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 (To record depreciation expense for Buildings) Dec. 31, 2020 (To record depreciation expense for Equipment)