Vaughn Ltd. purchased a building on January 1, 2021 for $14,610,000. Vaughn accounted for this asset using the revaluation model and revalued the building every two years. The building was estimated to have a useful life of 30 years with no residual value, and Vaughn used straight-line depreciation. On December 31, 2022, the building had a fair value of $13,832,000. On December 31, 2024, the building had a fair value of $12,564,600. Prepare the journal entries on the following dates on the books of Vaughn Ltd. to revalue the building using the asset adjustment method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Round answer to O decimal places, e.g. 5,275. Record entries in the order presented in the problem.)

Vaughn Ltd. purchased a building on January 1, 2021 for $14,610,000. Vaughn accounted for this asset using the revaluation model and revalued the building every two years. The building was estimated to have a useful life of 30 years with no residual value, and Vaughn used straight-line depreciation. On December 31, 2022, the building had a fair value of $13,832,000. On December 31, 2024, the building had a fair value of $12,564,600. Prepare the journal entries on the following dates on the books of Vaughn Ltd. to revalue the building using the asset adjustment method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Round answer to O decimal places, e.g. 5,275. Record entries in the order presented in the problem.)

Name: Vaughn Ltd. purchased a building on January 1, 2021 for $14,610,000.
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Description: Vaughn Ltd. purchased a building on January 1, 2021 for $14,610,000. Vaughn accounted for this asset using the revaluation modeland revalued the building every two years. The building was estimated to have a useful life of 30 years with no residual

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 13PA: Colquhoun International purchases a warehouse for $300,000. The best estimate of the salvage value...

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