S E4 Backup: Kiese, Intermediate Accounting. 12CE Help System Announcements INTER VERSION 4 HACK NEXT Exercise 10-25 A partial statement of finandal position of Cullumber Ltd. on December 31, 2019, showed the following property, plant, and equipment assets accounted for under the cost mode (accumulated depreciation includes depreciation for 2019): Buildings $298,000 Less: accumulated depreciation 98,000 $200,000 Equipment 5134,000 Les accumulated depreciation 54,000 80,000 Cullumber uses straight line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment (remaining useful life of years, no residual value. Cullumber applies IFRS and has dedded to adopt the revaluation model for its building and equipment effective December 31, 2019. On this date, an independent appraiser assessed the fair value of the building to be $140,000 and that of the equipment to be $103.000. Prepare the necessary general Journal entries, if any, to revalue the building and the equipment as a December 31, 2019, using the asset adjustment method. (Credit account thes are automatically indented when the amount is entired. Do not indent manually. If entry is required, select "No Entry for the account titles and enter for the mounts) Date Account Titles and Explanation Det. 31, 2019 Debit Credit To eliminate the accumulated deprecation) Dec 31, 2019 (Tout the Buildings account to fall value) Dec 31, 2019 PRINTER VERSION * RACK cro adjust the ladings account to fair value) Dec 31, 2019 (To eliminate the accumulated depreciation) Dec 31, 2019 (To adjust the Equipment account to fair value) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare the entries to record depreciation expense for the year ended December 31, 2020. (Credit account titles are automatically Indented when the amount is entered. Da not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Debit Credit Date Account Titles and Explanation Dec 31, 2020 Ta record deprecation expense for Buildings Dec 31, 2020 To record depreciation expete for Equipment) PRINTER VERSION Prepare the necessary general journal entries, if any, to revalue the building and the equipment as at December 31, 2019, using the proportionate method. (Chid account tires automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the accountities and enter for the amounts. Do not round Intermediate calculations. Round final answers to decimal places eg. 5,275.) Date Account Titles and Explanation Dec 31, 2010 Debit Credit (To record revaluation of the buiding) Dec 31, 2019 (To adjust the Equipment account to far value) SHOW LIST OF ACCOUNTS LINK TO TO LINK TO TEXT Prepare the entries to record depreciation expense for the year ended December 31, 2020 using the proportionate method. (Credit account titles are automatically indeed when the amount is entered. Do not Indent manually. Do not Indent manually. If mentry is required, select 'No Entry for the account titles doenter o for the amints De nor round Intermediate calculations. Round final answers to decimal placer .. 5.275.) Debit Credit Date Account Titles and Explanation Dec 31, 2020 Prepare the entries to record deprecation expense for the year ended December 31, 2020 using the proportionate method. (Credit account titles are automatically indented w the amount sted. Do not indent manually. Do not inderit manually. If ne entry is required select "No try for the countries and enter for the amounts. Do not round Intermediate calculations. Round inalwers to decal places 50275) Dute Account Titles and Explanation Debit Credit Deci, 2020 (a record depreciation expense for buildings De 11. 2020 to record depreciation expense for Fulpment CHOW TO ACCOUNTS
