Kingbird Assets Inc., a publicly listed company, has a building with an initial cost of $371,000. At December 31, 2023, the date of revaluation, accumulated depreciation amounted to $113,000. The fair value of the building, by comparing it with transactions involving similar assets, is assessed to be $283,800. On January 5, 2024, Kingbird sold the building for $278,800 cash.
Kingbird Assets Inc., a publicly listed company, has a building with an initial cost of $371,000. At December 31, 2023, the date of revaluation, accumulated depreciation amounted to $113,000. The fair value of the building, by comparing it with transactions involving similar assets, is assessed to be $283,800. On January 5, 2024, Kingbird sold the building for $278,800 cash.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 7P: Dinnell Company owns the following assets: In the year of acquisition and retirement of an asset,...
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