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Martin owns land that is classified as PPE. The land has previously been valued at cost. The land will be revalued using the revaluation model
- Martin owns land that is classified as PPE. The land has previously been valued at cost. The land will be revalued using the revaluation model to its fair value on December 31 (the company's year-end). Before revaluation, the land's carrying value was $100,000. The fair value is $125,000 as of December 31, 2021. What journal entry is required to record the revaluation? What entry would've been made if the fair value on December 31, 2022, is $90,000?
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Guidelines For Laboratory Quality Auditing
Authors: Donald C. Singer, Ronald P. Upton
1st Edition
0824787846, 978-0824787844
