FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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On January 1, 2022, Flounder Corporation acquires a building at a cost of $210,000. The building is expected to have a 30-year life and
no residual value. The asset is accounted for using the proportionate revaluation method and revaluation is carried out every two
years. On December 31, 2023, the fair value of the building is appraised at $205,800 and on December 31, 2025 its fair value is
$182,000.
Prepare the appropriate journal entries for December 31, 2023 and December 31, 2025. Assume depreciation has been recorded. (Do
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Transcribed Image Text:Current Attempt in Progress On January 1, 2022, Flounder Corporation acquires a building at a cost of $210,000. The building is expected to have a 30-year life and no residual value. The asset is accounted for using the proportionate revaluation method and revaluation is carried out every two years. On December 31, 2023, the fair value of the building is appraised at $205,800 and on December 31, 2025 its fair value is $182,000. Prepare the appropriate journal entries for December 31, 2023 and December 31, 2025. Assume depreciation has been recorded. (Do
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