PRINTER VERSO BACK NEXT Exercise 10-25 A partial statement of financial position of Blossom Lid on December 31, 2016, showed the following property, plant, and ipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2016): Buildings $318,000 Less: accumulated deprecation 104,000 $214,000 Equipment $131,000 Less accumulated depreciation 59,000 72,000 Blossom uses straight line depreciation for its building remaining useful life of 20 years, Wo residual value) and for its equipment (remaining useful Ide of years, no residual value) Blossom apples FRS and has decided to adopt the revaluation model for its building and equipment, effective December 31, 2016. On this date, an independent appraiseressed the far value of the building to be $154.000 and that of the equipment to be $93,000 Prepare the necessary general Journal entries, it any, to revalue the building and the equipment as at December 31, 2016, using the asset adjustment method (Credit account cicles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account cities and enter for the amounts.) Account Titles and Explanation Debit Credit Dec 31, 2016 Date (Todas depreciation on building) Dec 31, 2016 (o adjust bulong.) 02.11.2016 PER VI RUCK NEXT Prepare the necessary general journal entries, if any, to revalue the building and the equipments December 31, 2016, ung the asset tstment method. (Credit accountles are automatically indented when the amount is entered. Do not indent manually. If no try is required, select "No Entry for the account titles and her for the amounts) Date Account Titles and Explanation Debit Credit Dec 31, 2016 (To as deprecation on building) Dec 31, 2016 (To adjust to Dec 31, 2016 Taast depreciation on Et.) Dec 11, 2016 (To acast Prepare the entries to record depreciation experise for the year ended December 31, 2017. (Crawnies are automatically entre whetheid. Do not no entry is required, select "No Entry for the ancies and enter for the wount) Date Arvot Tits and Explanat C Dec 31, 2017 (To record de concerto od Dec 31, 2017 (Torward decopen to town) OF ACCOUNT LINETOTE Toto Y Cres are all Finde Prepare the necessary general journal entries, fary, to cev the building and the woments at December 31, 2016, ng the proportionate method (Christian hartacumatically Indented when the amount in mifered. Do not indent manually. I tri qurollar entry for the accounties and other amants do not round intermediate calculation. How final answers to decimal aces. 7.) Date Account the plantation Debit Dec 31, 2016 (To record evaluation of the buil Dec 1, 2016 (to record reviation of the qument) Prepare the entries to record depreciation expense for the year ended December 31, 2017 using the proportione method. (Credil account wiles are automatically indented when the amount entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec 31, 2017 To record depreciation expe for Buldos) Dec 31, 2017 To record depreciation expense for Equipment) LIST OF ACCOUNTS L 10 TEXT LINK TO TERE
