Use the following information to answer questions 11-20 (CLO 2). You have been provided with the following information for two companies; Company A and Company B: i. Company A Company A prepares financial statements to December 31 each year. On December 31, 2020, the company acquired land for $1,000,000. This land was revalued at $1,200,000 on December 31,2021 and at $1,100,000 on December 31, 2022. ii. Company B Company B prepares financial statements to December 31 each year. On December 31, 2021, the company acquired land for $500,000. This land was revalued at $420,000 on December 31, 2022 and at $440,000 on December 31, 2023. Both companies use the revaluation model. Ignore depreciation.

question11.

For Company A, what entry should be made to the Asset Account as at December 31, 2021:

a. CR $200,000

b. CR $1,200,000

c. DR $1,200,000

d. DR $200,000

Question 12

For Company A, what entry should be made to the Revaluation Reserve Account as at December 31, 2021:

a. CR $1,200,000

b. CR $200,000

c. DR $200,000

d. DR $1,200,000

Question 13

For Company A, what entry should be made to the Asset Account as at December 31, 2022:

a. CR $100,000

b. DR $1,100,000

c. CR $1,100,000

d. DR $100,000

Question 14

For Company A, what entry should be made to the Revaluation Reserve Account as at December 31, 2022:

a. CR $1,100,000

b. DR $1,100,000

c. CR $100,000

d. DR $100,000

Question 15

For Company B, what entry should be made to the Profit and Loss Account as at December 31, 2022:

a. DR $80,000

b. CR $80,000

c. DR $420,000

d. CR $420,000

Question 16

For Company B, what entry should be made to the Asset Account as at December 31, 2022:

a. CR $80,000

b. DR $80,000

c. DR $420,000

d. CR $420,000

Question 17

For Company B, what entry should be made to the Profit and Loss Account as at December 31, 2023:

a. CR $20,000

b. DR $20,000

c. CR $440,000

d. DR $440,000

Question 18

For Company B, what entry should be made to the Asset Account as at December 31, 2023:

a. DR $20,000

b. CR $20,000

c. CR $440,000

d. DR $440,000

Question 19

The Revaluation Reserve Account should be accounted for as part of:

a. Equity

b. Liabilities

c. Expense

d. Assets

Question 20

If a Revaluation of an asset is done for the first time and there is a revaluation gain, this should be shown in:

a. The Statement of Profit and Loss Account as Income

b. Other Comprehensive Income as a Negative figure

c. The Statement of Profit and Loss Account as an Expense

d. Other Comprehensive Income as a Positive figure