Question
Metlock Assets Inc., a publicly listed company, has a building with an initial cost of $381,000. At December 31, 2020, the date of revaluation, accumulated
Metlock Assets Inc., a publicly listed company, has a building with an initial cost of $381,000. At December 31, 2020, the date of revaluation, accumulated depreciation amounted to $106,000. The fair value of the building, by comparing it with transactions involving similar assets, is assessed to be $302,500. On January 5, 2021, Metlock sold the building for $297,500 cash.
Prepare the journal entries to record the sale of the building after having used the cost model. (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.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
Jan. 5 | enter an account title for the journal entry on January 5 | enter a debit amount | enter a credit amount |
enter an account title for the journal entry on January 5 | enter a debit amount | enter a credit amount | |
enter an account title for the journal entry on January 5 | enter a debit amount | enter a credit amount | |
enter an account title for the journal entry on January 5 | enter a debit amount | enter a credit amount |
eTextbook and Media
List of Accounts
Prepare the journal entries to record the sale of the building after having used the revaluation model using the asset adjustment method. (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.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
Jan. 5 | enter an account title for the journal entry on January 5 | enter a debit amount | enter a credit amount |
enter an account title for the journal entry on January 5 | enter a debit amount | enter a credit amount | |
enter an account title for the journal entry on January 5 | enter a debit amount | enter a credit amount |
eTextbook and Media
List of Accounts
Prepare the journal entries to record the sale of the building after having used the revaluation model using the proportionate method. (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. Do not round intermediate calculations. Round answers to 0 decimal places, e.g. 5,275.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
Jan. 5 | enter an account title for the journal entry on January 5 | enter a debit amount | enter a credit amount |
enter an account title for the journal entry on January 5 | enter a debit amount | enter a credit amount | |
enter an account title for the journal entry on January 5 | enter a debit amount | enter a credit amount | |
enter an account title for the journal entry on January 5 | enter a debit amount | enter a credit amount |
eTextbook and Media
List of Accounts
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