Question
Grandpas Are Us (GAU) recently acquired a new piece of land in Burton County on April 1, 2012. The land cost $500,000. GAU reports under
Grandpas Are Us (GAU) recently acquired a new piece of land in Burton County on April 1, 2012. The land cost $500,000. GAU reports under IFRS and revalues its land. On December 31, 2017, the fair value of the land is $520,000. On December 31, 2020, the fair value of the land is $450,000.
Provide all necessary journal entries for 2012 through 2020.
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Financial And Managerial Accounting
Authors: Charles T. Horngren, Walter T. Harrison Jr., M. Suzanne Oliver
1st Edition
0558241050, 978-0558241056
