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can you please solve it according to the pattern. with proper calculation On January 1, 2020. Crane Ltd. acquires a building at a cost of
can you please solve it according to the pattern. with proper calculation
On January 1, 2020. Crane Ltd. acquires a building at a cost of $290,000. The building is expected to have a 20-year life and no residual value. The asset is accounted for under the revaluation model, using the asset adjustment method. Revaluations are carried out every three years. On December 31, 2022, the fair value of the building is appraised at $265.000, and on December 31, 2025, its fair value is $150,000. Crane Ltd. applies IFRS. Prepare the journal entry required on December 31, 2020. (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.) Account Titles and Explanation Debit Credit Date Dec. 31, 2020 (To record depreciation expense) Prepare the journal entry required on December 31, 2021. (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.) Account Titles and.Explanation Debit Credit Date Dec. 31, 2021 (To record depreciation expense) Prepare the journal entries required on December 31, 2022. (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.) Account Titles and Explanation Debit Credit Date Dec. 31, 2022 (To record depreciation expense) Dec. 31, 2022 (To eliminate the accumulated depreciation) Dec. 31, 2022 I (To adjust the Buildings account to fair value) Prepare the journal entry required on December 31, 2023. (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. Round answers to decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit Date Dec. 31, 2023 Prepare the journal entry required on December 31, 2024. (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. Round answers to O decimal places, eg. 5,275.) Account Titles and Explanation Debit Credit Date Dec. 31, 2024 I Prepare the journal entries required on December 31, 2025. (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. Round answers to 0 decimal places, eg. 5,275.) Account Titles and Explanation Debit Credit Date Dec. 31, 2025 (To record depreciation.) Dec. 31, 2025 (To eliminate the accumulated depreciation) Dec. 31, 2025 (To adjust the Buildings account to fair value) Prepare the journal entries required on December 31, 2022, and the journal entry required on December 31, 2025, to revalue the building, if Crane uses 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 decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit Date Dec. 31, 2022 Dec. 31, 2025Step by Step Solution
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