Talparo Company purchased land in 2015 for $300,000. The land’s fair value at the end of 2015 is $320,000; at the end of 2016, $280,000; and at the end of 2017, $305,000. Assume that Talparo chooses to use revaluation accounting to account for its land. Required: Prepare the journal entries to record the land using revaluation accounting from 2015 until 2017.

Talparo Company purchased land in 2015 for $300,000. The land’s fair value at the end of 2015 is $320,000; at the end of 2016, $280,000; and at the end of 2017, $305,000. Assume that Talparo chooses to use revaluation accounting to account for its land. Required: Prepare the journal entries to record the land using revaluation accounting from 2015 until 2017.

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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