Question
Tab Corporation purchases land for $690,000 in 2015. Tab Corporation chooses to use the revaluation model. The fair values of the land are: 2015
Tab Corporation purchases land for $690,000 in 2015. Tab Corporation chooses to use the revaluation model. The fair values of the land are:
2015 – $740,000
2016 - $520,000
2017 – $600,000
Required
a) Do the journal entries to required for 2015, 2016 and 2017.
b) Cleary indicate the carrying amount of the land and list the balance in each revaluation account for 2015, 2016, and 2017.
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a Journal Entries 2015 Land 690000 Cash or Bank 690000 To re...
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Intermediate Accounting
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
10th Canadian Edition, Volume 1
978-1118735329, 9781118726327, 1118735323, 1118726324, 978-0176509736
