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can you please solve the whole question properly I got mistakes in it make it correct please On January 1, 2019, Grouper Corporation acquires a
can you please solve the whole question properly I got mistakes in it make it correct please
On January 1, 2019, Grouper Corporation acquires a building at a cost of $255,000. The building is expected to have a 30-year life and no residual value. The asset is accounted for using the proportionate revaluation method and revaluation is carried out every two years. On December 31, 2020, the fair value of the building is appraised at $249,900 and on December 31, 2022 its fair value is $221,000. Prepare the appropriate journal entries for December 31, 2020 and December 31, 2022. Assume depreciation has been recorded. (Do not round intermediate calculations. Round final answers to O decimal places eg. 5,275. 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.) Debit Credit Date Account Titles and Explanation Accumulated Depreciation - Buildings 17000 Dec. 31/20 5100 Buildings 11900 Revaluation Surplus (OCI) - 11050 Dec. 31/22 Revaluation Gain or Loss 17850 Accumulated Depreciation - Buildings O Prepare the appropriate journal entries for December 31, 2020 and December 31, 2022. Assume depreciation has been recorded. (Do not round intermediate calculations. Round final answers to 0 decimal places eg. 5,275. 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.) Date Account Titles and Explanation Debit Credit Dec. 31/20 Accumulated Depreciation - Buildings 17000 Buildings 5100 Revaluation Surplus (OCI) 11900 Dec. 31/22 Revaluation Gain or Loss 11050 Accumulated Depreciation - Buildings 17850 Buildings 28900Step by Step Solution
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