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Question 17 (5 points) Listen Asset Adjustment Aden Motels Inc. owns a motel that it had purchased on January 1, 2020 for $975,000 cash and
Question 17 (5 points) Listen Asset Adjustment Aden Motels Inc. owns a motel that it had purchased on January 1, 2020 for $975,000 cash and is accounted for in a separate account, classified as "Structures. The company is using the revaluation model to account for its structures and revalues them annually. Aden uses straight-line depreciation over the asset's 10 year useful life with a residual value of $3,500 The asset's fair value was equal to its book value on Dec 31, 2020, and was $800,000 on Dec 31, 2021 Instructions Assuming Aden uses the asset adjustment (elimination) method for revaluation, prepare all required journal entries for 2020 and 2021 Format
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