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On January 1, 2015 Ga Ga Baby Supplies Limited opened their new head office building which had been constructed at a cost of $40,000,000 which
On January 1, 2015 Ga Ga Baby Supplies Limited opened their new head office building which had been constructed at a cost of $40,000,000 which on January 1 fairly represented the fair value of the building. Ga Ga elected to adopt the Revaluation Model for this their only building. The building was to be depreciated over a 20 year period on a straight line basis after which it was estimated it would have no residual value. The fair value on the building was estimated as follows at December 31, the company's year end: December 31, 2015 December 31, 2016 December 31, 2017 December 31, 2018 $39,000,000 38,000,000 31,000,000 33,000,000 The building was sold January 1, 2019 for $35,000,000 Required Prepare the journal entries required from the date of acquisition to the date of disposal
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