Question
Jarvis Corporation owned a building with a book value of $109,000 at 12/31/10. The building had a 15-year remaining life and a revaluation surplus balance
Jarvis Corporation owned a building with a book value of $109,000 at 12/31/10. The building had a 15-year remaining life and a revaluation surplus balance of $46,000 on that date. The company sold the building on 1/1/11 for $182,000. What is the effect on total Stockholders' Equity caused by recording the sale and the adjustment to the Revaluation Surplus per IFRS?
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Fundamental Accounting Principles Volume 1
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
15th Canadian Edition
1259259803, 978-1259259807
