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Brief Exercise 10-18 Larkspur Inc, publicy listed company has a building with an initial cost of $436.000, At December 31, 2020, the date of revaluation,

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Brief Exercise 10-18 Larkspur Inc, publicy listed company has a building with an initial cost of $436.000, At December 31, 2020, the date of revaluation, accumulated depredation amounted to $109,000. The fale value of the building, by comparing it with transactions involving similar assets, Issessed to be $559,700. Prepare the journal intries to revalue the plant under the evaluation model in the asset adjustment method. (Creat actitles are automatically individed when the amount is entered to not inden mally. If no entry required, ale o Entry for the accounts and enter for the amount Date Account Titles and Explanation Debit Credit Dec 31, 2020 Come the accumulated deprecat) Dec. 31.00 Tot die dinge account to larvu HOW TO LENTO Prepare the journalsy to value the plant under the evaluation model using the proportionate method. (Credirect the rematically indected whether amount ht. Do not Indont mancally. If not required to try for the counties doenter for the wood notron intermediate calculation of finalwers to decial 2) Acties and plantion Det Credit out the dogs account Crest to fair value Brief Exercise 10-24 indoor Company is constructing a building Construction began on February 1 and was completed on December 31. Expenditures were $1.5 million on March 1, 1.2 million june 1 and 4 million on December 31, Windsor Company borrowed $1 million on March on a five year, 13 note to help finance the building construction. In addition, the company od outstanding all year a $2., ve year, 13%note payable and $3.4 milion, four-var, 18% note payable Calitate the appropriate capitalisation rate on general borrowings that would be used for capitalization of borowing costs (round to 2 decimal place 52.50) Capitalization at Brief Exercise 10-3 Shamrock Brothers Inc. purchased land and an old building with the intention of removing the old building and then constructing the company's new corporate headquarters on the land, The land and old building were purchased for $582,000. Closing costs were $5,250. The old building was removed at a cost of $49,900. After readying the land for its intended to and while walting for construction to begin. Shamrock generated net revenue of $4,320 from using the land as a parking lot Determine the amount to be recorded as the land cost, and the treatment of the net revenue of 4.120, It Shamrock prepares financial statements in accordance with TFRS and ASP. IFRS ASPE Land cost IFRS The net revenue of $4.320 should be Recognized as income when earned ASPE Capitalized and did to Buildings account

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