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Please show step-by-step and provide explanation. please show workimg in chegg BC Company acquires its only building on January 1 , Year 1 , at
Please show step-by-step and provide explanation.
please show workimg in chegg
BC Company acquires its only building on January 1 , Year 1 , at a cost of $4,000,000. The building has a 20 -year life, zero residual value, and is depreciated on a straight-line basis. The ompany adopts the revaluation model in accounting for buildings. On December 31 , Year 2, the fair value of the building is $3,780,000. The company eliminates accumulated epreciation against the building account at the time of revaluation. The company's accounting policy is to reverse a portion of the revaluation surplus account related to increased epreciation expense. On January 2, Year 4, the company sells the building for $3,500,000. equired: 1-Determine the amounts to be reflected in the balance sheet related to this building for Years 1-4 in the following table. (Use parentheses to indicate redit amounts.) Step by Step Solution
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