FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Aden Motels Inc. owns a motel that it had purchased on January 1, 2020 for cash and is accounted for in a separate account, classified as "Structures." The company is using the revaluation model to account for its structures and revalues them annually. Aden uses straight-line depreciation over the asset's 10 year useful life with a 0 residual value The asset's fair value was equal to its book value on Dec. 31, on Dec. 31, 2021 $1,600,000 2020 and was $1,450,000 Instructions Assuming Aden uses the asset adjustment (elimination) method for revaluation, prepare all required journal entries for 2020 and 2021
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Transcribed Image Text:Aden Motels Inc. owns a motel that it had purchased on January 1, 2020 for cash and is accounted for in a separate account, classified as "Structures." The company is using the revaluation model to account for its structures and revalues them annually. Aden uses straight-line depreciation over the asset's 10 year useful life with a 0 residual value The asset's fair value was equal to its book value on Dec. 31, on Dec. 31, 2021 $1,600,000 2020 and was $1,450,000 Instructions Assuming Aden uses the asset adjustment (elimination) method for revaluation, prepare all required journal entries for 2020 and 2021
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