Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Soru 2 (50 Points) Temkin Company buys an 800 m office flat for 12.000.000 TL on 1.4.2022. The building where the office is in has

Soru 2 (50 Points) Temkin Company buys an 800 m office flat for 12.000.000 TL on 1.4.2022. The building where the office is in has a total indoor area of 16.000 m. For the period in which the office is purchased, the statistical cost of constructing a similar type of building is declared as 4.000 TL per square meter. The company uses straight line depreciation method for buildings. There is no residual value is expected at the end of the useful life of the building. REQUIRED: a) Show the journal entry for the acquisition of the office. b) Show the journal entry for depreciation as of 31.12.2022. c) The company chose revaluation method for buildings. However it was decided to make revaluation at the end of next year. d) According to a fair value assessment report dated 31.12.2023 for the rights on the land of the office the fair value is determined as 10.500.000 TL, for the construction value the fair value is stated as 4.000.000 TL Show all the necessary journal entries including depreciation. e) The office is sold for 18.000.000 TL on 1.7.2024. Show the journal entry

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Financial Accounting Exercises And Problems

Authors: Henry Dauderis, David Annand, Lyryx Learning, Athabasca University

1st Edition

1545056668, 978-1545056660

More Books

Students also viewed these Accounting questions

Question

b. What are its goals and objectives?

Answered: 1 week ago