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Problem 10-10 On July 1, 2020, Swifty Ltd., a publicly listed company, acquired assets from Blue Spruce Ltd. On the transaction date, a reliable, independent valuator assessed the fair values of these assets as follows: Manufacturing plant (building #1) $399,620 Storage warehouse (building #2) 209,620 Machinery (in building #1) 74,700 Machinery (in building #2) 45,000 The buildings are owned by the company, and the land that the buildings are situated on is owned by the local municipality and is provided free of charge to the owner of the buildings to encourage local employment. In exchange for the acquisition of these assets, Swifty issued 145,520 common shares. Swifty's shares are thinly traded (that is, traded in relatively low volume leading to more volatile price changes than most public companies). In the most recent sale of Swifty's shares on the Toronto Stock Exchange, 800 shares were sold for $5 per share. At the time of acquisition, both buildings were considered to have an expected remaining useful life of 10 years, the machinery in building #1 was expected to have a remaining useful life of 3 years, and the machinery in building #2 was expected to have a useful life of 9 years. Swifty uses straight-line depreciation with no residual values. At December 31, 2020, Swifty's fiscal year end, Swifty recorded the correct depreciation amounts for the six months that the assets were in use. An independent appraisal concluded that the assets had the following fair values: Manufacturing plant (building #1) $385,700 Storage warehouse (building #2) 176,700 At December 31, 2021, Swifty once again retained an independent appraiser and determined that the fair value of the assets was: Manufacturing plant (building #1) $339,630 Storage warehouse (building #2) 159,770 Prepare the journal entries required for 2020 and 2021, assuming that the buildings are accounted for under the revaluation model (using the asset adjustment method), and that the machinery is accounted for under 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 o for the amounts. Record the amounts for Building #1 and #2 and for Machinery seperately. Do not combine these amounts. Round answers to O decimal places, e.g. 5,275.) Prepare the journal entries required for 2020 and 2021, assuming that the buildings are accounted for under the revaluation model (using the asset adjustment method), and that the machinery is accounted for under 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 o for the amounts. Record the amounts for Building #1 and #2 and for Machinery seperately. Do not combine these amounts. Round answers to o decimal places, e.g. 5,275.) Debit Credit Date Account Titles and Explanation July 1, 2020 Dec 31, 2020 (To record depreciation on Building #1) Dec 31, 2020 (To record depreciation on Building #2) Dec 31, 2020 UUUUUL (To record depreciation on Machinery in Building #1) Dec 31, 2020 (To record depreciation on Machinery in Building #2) Dec 31, 2020 (To revalue manufacturing plant -(Building #1) Dec 31, 2020 (To revalue storage warehouse - (Building #2)) List of Accounts Problem 10-10 Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Leasehold Improvements Accumulated Depreciation - Machinery Accumulated Depreciation - Vehicles Advertising Expense Asset Retirement Obligation Buildings Cash Common Shares Contributed Surplus Contributed Surplus - Donated Capital Cost of Goods Sold Deferred Revenue - Government Grants Depreciation Expense Donation Revenue Equipment Finance Expense Finance Revenue Gain or Loss in Value of Investment Property Gain on Disposal of Building Gain on Disposal of Equipment Gain on Disposal of Machinery Gain on Disposal of Vehicles GST Payable GST Receivable Interest Expense Interest Income Interest Pavable Interest Receivable Inventory Investment Property Land Land Improvements Loss on Disposal of Building Loss on Disposal of Equipment Loss on Disposal of Land Loss on Disposal of Machinery Loss on Disposal of Vehicles Machinery Repairs and Maintenance Expense Mineral Resources Mortgage Payable No Entry Notes Pavable Notes Receivable Office Expense Owner's Drawings Prepaid Expenses Prepaid Insurance Profit on Construction Purchase Discounts Purchase Returns and Allowances Rent Expense Revaluation Gain or Loss Revaluation Surplus (OCI) Revenue - Government Grants Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Service Revenue Supplies Supplies Expense Tenant Deposits Liability Vehicles Problem 10-10 On July 1, 2020, Swifty Ltd., a publicly listed company, acquired assets from Blue Spruce Ltd. On the transaction date, a reliable, independent valuator assessed the fair values of these assets as follows: Manufacturing plant (building #1) $399,620 Storage warehouse (building #2) 209,620 Machinery (in building #1) 74,700 Machinery (in building #2) 45,000 The buildings are owned by the company, and the land that the buildings are situated on is owned by the local municipality and is provided free of charge to the owner of the buildings to encourage local employment. In exchange for the acquisition of these assets, Swifty issued 145,520 common shares. Swifty's shares are thinly traded (that is, traded in relatively low volume leading to more volatile price changes than most public companies). In the most recent sale of Swifty's shares on the Toronto Stock Exchange, 800 shares were sold for $5 per share. At the time of acquisition, both buildings were considered to have an expected remaining useful life of 10 years, the machinery in building #1 was expected to have a remaining useful life of 3 years, and the machinery in building #2 was expected to have a useful life of 9 years. Swifty uses straight-line depreciation with no residual values. At December 31, 2020, Swifty's fiscal year end, Swifty recorded the correct depreciation amounts for the six months that the assets were in use. An independent appraisal concluded that the assets had the following fair values: Manufacturing plant (building #1) $385,700 Storage warehouse (building #2) 176,700 At December 31, 2021, Swifty once again retained an independent appraiser and determined that the fair value of the assets was: Manufacturing plant (building #1) $339,630 Storage warehouse (building #2) 159,770 Prepare the journal entries required for 2020 and 2021, assuming that the buildings are accounted for under the revaluation model (using the asset adjustment method), and that the machinery is accounted for under 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 o for the amounts. Record the amounts for Building #1 and #2 and for Machinery seperately. Do not combine these amounts. Round answers to O decimal places, e.g. 5,275.) Prepare the journal entries required for 2020 and 2021, assuming that the buildings are accounted for under the revaluation model (using the asset adjustment method), and that the machinery is accounted for under 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 o for the amounts. Record the amounts for Building #1 and #2 and for Machinery seperately. Do not combine these amounts. Round answers to o decimal places, e.g. 5,275.) Debit Credit Date Account Titles and Explanation July 1, 2020 Dec 31, 2020 (To record depreciation on Building #1) Dec 31, 2020 (To record depreciation on Building #2) Dec 31, 2020 UUUUUL (To record depreciation on Machinery in Building #1) Dec 31, 2020 (To record depreciation on Machinery in Building #2) Dec 31, 2020 (To revalue manufacturing plant -(Building #1) Dec 31, 2020 (To revalue storage warehouse - (Building #2)) List of Accounts Problem 10-10 Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Leasehold Improvements Accumulated Depreciation - Machinery Accumulated Depreciation - Vehicles Advertising Expense Asset Retirement Obligation Buildings Cash Common Shares Contributed Surplus Contributed Surplus - Donated Capital Cost of Goods Sold Deferred Revenue - Government Grants Depreciation Expense Donation Revenue Equipment Finance Expense Finance Revenue Gain or Loss in Value of Investment Property Gain on Disposal of Building Gain on Disposal of Equipment Gain on Disposal of Machinery Gain on Disposal of Vehicles GST Payable GST Receivable Interest Expense Interest Income Interest Pavable Interest Receivable Inventory Investment Property Land Land Improvements Loss on Disposal of Building Loss on Disposal of Equipment Loss on Disposal of Land Loss on Disposal of Machinery Loss on Disposal of Vehicles Machinery Repairs and Maintenance Expense Mineral Resources Mortgage Payable No Entry Notes Pavable Notes Receivable Office Expense Owner's Drawings Prepaid Expenses Prepaid Insurance Profit on Construction Purchase Discounts Purchase Returns and Allowances Rent Expense Revaluation Gain or Loss Revaluation Surplus (OCI) Revenue - Government Grants Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Service Revenue Supplies Supplies Expense Tenant Deposits Liability Vehicles