Complete the following table. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses e.g. (45).)
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- Tanaka Company has land that cost $15,000,000. Its fair value on December 31, 2020, is $20,000,000. Tanaka chooses the revaluation model to report its land. Explain how the land and its related valuation should be reported.Adista has land that was purchased in cash on January 2, 2018 at a cost of IDR 1,000,000,000. Requested: a. PT Adista decided to use the revaluation model for the land (which is a fixed asset). On December 31, 2018, the company recognized a revaluation surplus of the land amounting to Rp 100,000,000. If on December 31, 2019 it is known that the fair value of the land is IDR1,060,000,000, make a journal entry recorded by PT Astina regarding the land in 2019. b. Describe how the accounting treatment differs between the fixed asset revaluation model and the fair value model of investment property.Nona Co. purchased land worth P20,000,000 on January 1, 2021. The company uses the revaluation model in accounting for its PPE. On December 31, 2021, an independent appraiser valued the land at P43,000,000. But on December 31, 2022, the land had a fair value of P8,000,000. How much revaluation deficit/impairment loss should be recognized in the income statement on December 31, 2022?
- Nona Co. purchased land worth P20,000,000 on January 1, 2021. The company uses the revaluation model in accounting for its PPE. On December 31, 2021, an independent appraiser valued the land at P43,000,000. But on December 31, 2022, the land had a fair value of P8,000,000. How much revaluation deficit/impairment loss should be recognized in the income statement on December 31, 2022? (No need to put "+" or "", just place absolute value)On 30 June 2021, Wheel Ltd opted to adopt the revaluation model to measure land. According to AASB116, applying the revaluation model, which of the following figures must be used to measure land on 30 June 2021: Financial Value At date: Amount Concept 30 June 2018 $500,000 Initial cost when purchased Selling price for land 30 June 2021 $950,000 30 June 2021 $900,000 Cost to purchase an identical block of land $800,000 Present Value of estimated cash inflows from using land 30 June 2021 Select one: a. $950,000 O b. $900,000 O c. $500,000 O d. $800,000VIOLET Company acquired an investment property on March 31, 2019 for ₱4,830,000. In addition, ₱210,000 was paid to the local authority as property transfer tax and ₱280,000 paid to professional advisers. The useful life of the property is 40 years. The fair market values of the property on December 31, 2019 and 2020 were ₱5,600,000 and ₱5,400,000 respectively. If the company is using the cost model what amount of investment property should be reported in the December 31, 2020 statement of financial position? A. ₱ 5,054,000 B. ₱ 5,320,000 C. ₱ 5,087,250 D. ₱ 5,400,000
- VIOLET Company acquired an investment property on March 31, 2019 for ₱4,830,000. In addition, ₱210,000 was paid to the local authority as property transfer tax and ₱280,000 paid to professional advisers. The useful life of the property is 40 years. The fair market values of the property on December 31, 2019 and 2020 were ₱5,600,000 and ₱5,400,000 respectively. If the company is using the cost model what amount of investment property should be reported in the December 31, 2020 statement of financial position?VIOLET Company acquired an investment property on March 31, 2019 for ₱4,830,000. In addition, ₱210,000 was paid to the local authority as property transfer tax and ₱280,000 paid to professional advisers. The useful life of the property is 40 years. The fair market values of the property on December 31, 2019 and 2020 were ₱5,600,000 and ₱5,400,000 respectively. If the company is using the cost model what amount of investment property should be reported in the December 31, 2020 statement of financial position?* ₱ 5,087,250 ₱ 5,400,000 ₱ 5,054,000 ₱ 5,320,000Oriole Company buys land for $121000 in 2021. As of 3/31/22, the land has appreciated in value to $127800. On 12/31/22, the land has an appraised value of $131100. By what amount should the Land account be increased in 2022? $0. $3300. $10100. $6800.
- Glorious Company Limited owns land that it purchased at a cost of $400 million ("m") in 2017. The company chooses to use revaluation accounting to account for the land. The land's value at the end of the following years were as follows: 2017 - $450m; 2018 - $360m; 2019 - $385m; and 2020 $410m. Required: Prepare the journal entries to record the land using revaluation accounting from 2017 - 2020 using the following table: Year Journal Land Unrealized Gain on Revaluation Loss on Impairment Recovery of Impairment Loss $'m S'm $'m $'m 2017 Dr Cr 2018 Dr Cr 2019 Dr Cr 2020 Dr CrPT Adista owns land that was purchased in cash on January 2, 2018 at a cost of IDR 1,000,000,000. Requested: a. PT Adista decided to use the revaluation model for the land (which is a fixed asset). On December 31, 2018, the company recognized a revaluation surplus of the land amounting to Rp 100,000,000. If on December 31, 2019 it is known that the fair value of the land is IDR 1,060,000,000, make a journal entry that is recorded by PT Astina regarding the land in 2019. b. Describe how the accounting treatment differs between the fixed asset revaluation model and the fair value model of investment property.View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. Waterway Ltd. owns land that it purchased at a cost of ¥464,000 in 2020. The company chooses to use revaluation accounting to account for the land. The land's value fluctuates as follows (all amounts in thousands as of December 31): 2020, ¥522,000; 2021, ¥417,600; 2022, ¥446,600; 2023, ¥475,600; and 2024, ¥533,600. Complete the following table. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Value at December 31 2020 2021 2022 2023 2024 Other Comprehensive Income 58000 (46400) (17400) 11600 69600 Accumulated Other Comprehensive Income 58000 (46400) (17400) 11600 69600 Recognized in Net Income 58000 (46400) (17400) 11600 69600