riole Company purchased land in 2022 for $354,000. The land's fair value at the end of 2022 is $377,600; at the end of 2023, 30,400; and at the end of 2024, $359,900. ournal land using in for 2033 2034 115 ..... "No stma!!
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- Dinnell Company owns the following assets: In the year of acquisition and retirement of an asset, Dinnell records depreciation expense for one-half year. During 2020, Asset A was sold for 7,000. Required: Prepare the journal entries to record depreciation on each asset for 2017 through 2020 and the sale of Asset A. Round all answers to the nearest dollar.Talparo Company purchased land in 2015 for $300,000. The land’s fair value at the end of 2015 is $320,000; atthe end of 2016, $280,000; and at the end of 2017, $305,000. Assume that Talparo chooses to use revaluationaccounting to account for its land.Required:Prepare the journal entries to record the land using revaluation accounting from 2015 until 2017.At December 31, 2019, certain accounts included in the property, plant, and equipment section of Concord Corporation’s statement of financial position had the following balances: Land $309,520 Buildings—Structure 882,660 Leasehold Improvements 704,970 Equipment 844,620 During 2020, the following transactions occurred: 1. Land site No. 621 was acquired for $799,820 plus a fee of $6,880 to the real estate agent for finding the property. Costs of $33,270 were incurred to clear the land. In clearing the land, topsoil and gravel were recovered and sold for $10,720. 2. Land site No. 622, which had a building on it, was acquired for $559,550. The closing statement indicated that the land’s assessed tax value was $308,860 and the building’s value was $101,820. Shortly after acquisition, the building was demolished at a cost of $27,990. A new building was constructed for $339,860 plus the following costs: Excavation fees $37,550 Architectural design fees…
- At December 31, 2019, certain accounts included in the property, plant, and equipment section of Whispering Company's balance sheet had the following balances. Land Buildings Leasehold improvements Equipment 1. During 2020, the following transactions occurred. 2. $231,100 903,300 660,700 876,000 Land site number 621 was acquired for $854,300. In addition, to acquire the land Whispering paid a $57,200 commission to a real estate agent. Costs of $40,200 were incurred to clear the land. During the course of clearing the land, timber and gravel were recovered and sold for $13,800. Excavation fees A second tract of land (site number 622) with a building was acquired for $420,600. The closing statement indicated that the land value was $301,500 and the building value was $119,100. Shortly after acquisition, the building was demolished at a cost of $41,200. A new building was constructed for $331,100 plus the following costs. Architectural design fees Building permit fee Imputed interest on…At December 31, 2019, certain accounts included in the property, plant, and equipment section of Blue Spruce Corporation’s statement of financial position had the following balances: Land $309,730 Buildings—Structure 882,700 Leasehold Improvements 704,930 Equipment 844,920 During 2020, the following transactions occurred: 1. Land site No. 621 was acquired for $799,790 plus a fee of $6,780 to the real estate agent for finding the property. Costs of $33,140 were incurred to clear the land. In clearing the land, topsoil and gravel were recovered and sold for $10,950. 2. Land site No. 622, which had a building on it, was acquired for $559,950. The closing statement indicated that the land’s assessed tax value was $308,680 and the building’s value was $101,830. Shortly after acquisition, the building was demolished at a cost of $27,640. A new building was constructed for $339,530 plus the following costs: Excavation fees $37,960 Architectural design…On January 1, 2019, Alberta Company purchased land and a building for $1,120,000. At the time of the purchase, it was estimated that the building had a market value of $700,000. On January 5, Alberta installed a fence around the property at a cost of $7,000. Given this information, the journal entry to record the purchase of the land and building would include a) Debit to Land for $420,000 b) Debit to Land for $413,000 c) Debit to Land for $700,000 d) Debit to Land for $427,000
- 01. Martin owns land that is classified as PPE. The land has previously been valued at cost. The land will be revalued using the revaluation model to its fair value on December 31 (the company's year-end). Before revaluation, the land's carrying value was $100,000. The fair value is $125,000 as of December 31, 2021. What journal entry is required to record the revaluation? What entry would've been made if the fair value on December 31, 2022, is $90,000? 02. 1,000,000 of XYZ's no-par common shares were initially offered at a price of $13, Later, XYZ bought back 6,000 shares of these shares at $ 17 a share. XYZ is incorporated under the Canada business corporation Act and therefore retired these shares. Requirement Record the retirement of the shares. 03. ABC. declare a dividend of $100,000 and pays it all at once. Provide the journal entry needed to document the $100,000 dividend if: The dividend is paid in cash The dividend is paid in company stock (stock dividend)Sadaf Oman Company purchased a land for RO 250,000 in 2010. In October 2020, the company Mold this land for RO 1000,000. In addition, the company purchased a bulding for RO SO000 in July 2019. The land and building were reported on the December 31, 2019 statement of financial position atLucy owns a piece of land purchased for $500,000. The company uses a revaluation method to value the land. The following information is related to the land of Lucy (see the table) Instructions : a. Make all necessary journal for 2018 b. Make all necessary journal for 2019 and 2020 c. Determine the amounts to be reported for the accounts: Land, Other Comprehensive Income, Loss on Impairment, and Accumulated Other Comprehensive Income as of December 31, 2018, 2019, and 2020.
- If Ivanhoe paid $20,000 to a real estate broker on January 1, 2025, as a fee for finding the lessor, what is the initial measuremen of the right-of-use asset? (Round answers to O decimal places, e.g. 5,275.) Right-of-use asset $ 94178Sadaf Oman Company purchased a land for RO 250,000 in 2010. In October 2020, the company sold this land for RO 1,000,000. In addition, the company purchased a building for RO 80,000 in July 2019. The land and building were reported on the December 31, 2019 statement of financial position at O a. None of the options are correct O b. RO 750,000 and RO 80,000, respectively OC RO 0 and RO 40,000, respectively O d. RO 200,000 and RO 80,000, respectively O e. RO 1,000,000 and RO 80,000, respectivelyrespectivelyAt December 31, 2019, certain accounts included in the property, plant, and equipment section of Reagan Company’s balance sheet had the following balances. Land Buildings Leasehold improvements Equipment $230,000 890,000 660,000 875,000 During 2020, the following transactions occurred. 1. Land site number 621 was acquired for $850,000. In addition, to acquire the land Reagan paid a $51,000 commission to a real estate agent. Costs of $35,000 were incurred to clear the land. During the course of clearing the land, timber and gravel were recovered and sold for $13,000. 2. A second tract of land (site number 622) with a building was acquired for $420,000. The closing statement indicated that the land value was $300,000 and the building value was $120,000. Shortly after acquisition, the building was demolished at a cost of $41,000. A new building was constructed for $330,000 plus the following costs. Excavation fees Architectural design fees Building permit fee Imputed…