ABC Ltd has the following land and buildings in its financial statements as at 30 June 2022: Residential land, at cost Factory land, at valuation 2020 Buildings, at valuation 2020 Accumulated depreciation At 30 June 2022, the balance of the revaluation surplus is $908 520, of which $681 390 relates to the factory land and $227 130 to the buildings. On this same date, independent valuations of the land and buildings are obtained. In relation to the above assets, the assessed fair values at 30 June 2022 are: Residential land, previously recorded at cost Factory land, previously revalued in 2020 Buildings, previously revalued in 2020 Required: Provide the journal entries to account for the revaluation on 30 June 2022. ABC Ltd classifies the residential land and the factory land as different classes of assets. 2,271,300 2,044,170 1,817,040 -227,130 2,498,430 1,589,910 2,044,170
ABC Ltd has the following land and buildings in its financial statements as at 30 June 2022: Residential land, at cost Factory land, at valuation 2020 Buildings, at valuation 2020 Accumulated depreciation At 30 June 2022, the balance of the revaluation surplus is $908 520, of which $681 390 relates to the factory land and $227 130 to the buildings. On this same date, independent valuations of the land and buildings are obtained. In relation to the above assets, the assessed fair values at 30 June 2022 are: Residential land, previously recorded at cost Factory land, previously revalued in 2020 Buildings, previously revalued in 2020 Required: Provide the journal entries to account for the revaluation on 30 June 2022. ABC Ltd classifies the residential land and the factory land as different classes of assets. 2,271,300 2,044,170 1,817,040 -227,130 2,498,430 1,589,910 2,044,170
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 6MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense...
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