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P11.14 (L05, 7) (Revaluations) Parnevik Group uses revaluation accounting for a class of equipment it uses in its golf club refurbishing business. The equipment was

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P11.14 (L05, 7) (Revaluations) Parnevik Group uses revaluation accounting for a class of equipment it uses in its golf club refurbishing business. The equipment was purchased on January 2, 2019, for 500,000; it has a 10-year useful life with no residual value. Parnevik has the following information related to the equipment. (Assume that estimated useful life and residual value does not change during the periods presented below.) Date mpany has wield 9 profitable. od 12,000 have a January 2, 2019 December 31, 2019 December 31, 2020 December 31, 2021 Fair Value 500,000 468,000 380,000 355,000 Instructions It is tled if ce the d at a ated use and Accumulated Other Comprehensive Income. c. Prepare the entry for any revaluation adjustments at December 31, 2020 and 2021. d. Prepare the entries for the sale of the equipment by Parnevik on January 2, 2022, for 330,000. ent d Concepts for Analysis (Unless instructed otherwise, round answers to nearest currency unit. Interest rates are per annum unless otherwise indicated.) CA11.1 (L01) (Depreciation Basic Concepts) Hakodat Manufacturing Group was organized January 1, 2019. During 2019, it has used in its reports to management the straight-line a. Prepare all entries related to the equipment for 2019 b. Determine the amounts to be reported by Parnevik at December 31, 2020 and 2021, as Equipment, Other Comprehensive Income, Depreciation Expense, Impairment Loss

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