Question
Croatia Company purchased land in 2019 for $300,000. The land's fair value at the end of 2019 is $320,000; at the end of 2020, $280,000;
Croatia Company purchased land in 2019 for $300,000. The land's fair value at the end of 2019 is $320,000; at the end of 2020, $280,000; and at the end of 2021, $305,000. Assume that Croatia chooses to use revaluation accounting to account for its land.
Prepare the journal entries to record the land using revaluation accounting for 20192021.
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Financial Accounting For Executives And MBAs
Authors: Wallace, Simko, Ferris
4th Edition
1618531980, 9781618531988
