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Hello, im really struggling with the last data entry and calculation. This is what I've come up with so far! Thanks so much for the
Hello, im really struggling with the last data entry and calculation. This is what I've come up with so far! Thanks so much for the help!
On January 1, 2017, Oriole Ltd. acquires a building at a cost of $210,000. 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, 2019, the fair value of the building is appraised at $185,000, and on December 31, 2022, its fair value is $120,000. Oriole Ltd. applies IFRS (a) Your answer is correct Prepare the journal entry required on December 31, 2017. (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 tities and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec.31, 2017 Depreciation Expense 10500 Accumulated Depreciation -Buildings 10500 Your answer is correct Prepare the journal entry required on December 31, 2018. (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.) Date Account Titles and Explanation Debit Credit Dec. 31, 2018 Depreciation Expense 10500 Accumulated Depreciation Buildings 10500 Prepare the journal entries required on December 31, 2019. (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.) Date Account Titles and Explanation Debit Credit Dec. 31, 2019 Depreciation Expense 10500 Accumulated Depreciation Buildings 10500 (To record depreciation.) Dec. 31, 2019 Accumulated Depreciation - Buildings 31500 Buildings 31500 (To adjust depreciation on Building.) Dec. 31, 2019 Buildings 6500 Revaluation Surplus (OCI) 6500 (To adjust Building.) 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 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275 Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Depreciation Expense 10882 Accumulated Depreciation- Buildings 10882 Your answer is correct. 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 O for the amounts. Round answers to o decimal places, e.g.5,275.) Date Account Titles and Explanation Debit Credit Dec. 31, 2021 Depreciation Expense 10882 Accumulated Depreciation Buildings 10882 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 O for the amounts. Round answers to O decimal places, e.g.5,275.) Date Account Titles and Explanation Debit Credit Dec. 31, 2021 Depreciation Expense 10882 Accumulated Depreciation-Buildings 10882 (To record depreciation.) Dec. 31, 2021 Accumulated Depreciation - Buildings 32647 Buildings 326471 To adjust depreciation on Building.) Dec. 31, 2021 Revaluation Surplus (OCI) Buildings No Entry 0 (To adjust Building.)Step by Step Solution
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