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XYZ Inc. elected to measure its PPE assets using the revaluation model under IFRS. At December 31, Year 1 and Year 2, costs and fair
XYZ Inc. elected to measure its PPE assets using the revaluation model under IFRS. At December 31, Year 1 and Year 2, costs and fair values of the three classes of PPE assets are as follows: Land Building 300,000 Machinery 30,000 120,000 Cost Fair Value @12/31/41 Fair Value @12/31/92 320,000 295,000 28,500 32,000 130,000 150,000 Required: Prepare journals entries for XYZ Inc. to make adjustments, if any, to apply the revaluation model to the above PPE assets (ignoring depreciation effects) on the following dates: (1) December 31, Year 1, and (2) December 31, Year 2. Use DR. for debit and CR for credit. You must clearly date your journal entries
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