Glorious Company Limited owns land that it purchased at a cost of $400 million ("m") in 2017.The company chooses to use revaluation accounting to account for the land. The land's value atthe end of the following years were as follows: 2017 - $450m; 2018 - $360m; 2019 - $385m; and2020 $410m.Required:Prepare the journal entries to record the land using revaluation accounting from 2017 - 2020using the following table:YearJournalLandUnrealized Gainon RevaluationLoss onImpairmentRecovery ofImpairmentLoss$'mS'm$'m$'m2017DrCr2018DrCr2019DrCr2020DrCr

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Prepare the journal entries to record the land using revaluation accounting from 2017-2020 using the following table: Year Journal Land Unrealized Gain on Revaluation Loss on Impairment Recovery of Impairment Loss S'm S'm $'m $'m 2017 Dr Cr 2018 Dr Cr 2019 Dr Cr 2020 Dr Cr

Prepare the journal entries to record the land using revaluation accounting from 2017-2020 using the following table: Year Journal Land Unrealized Gain on Revaluation Loss on Impairment Recovery of Impairment Loss S'm S'm $'m $'m 2017 Dr Cr 2018 Dr Cr 2019 Dr Cr 2020 Dr Cr

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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On December 31, 2019, Vail Company owned the following assets: Vail computes depreciation and amortization expense to the nearest whole year. During 2020, Vail engaged in the following transactions: Required: 1. Check the accuracy of the accumulated depreciation balances at December 31, 2019. Round to the nearest whole dollar in all requirements. 2. Prepare journal entries to record the preceding events in 2020, as well as the year-end recording of depreciation expense. 3. Prepare an Accumulated Depreciation account for each category of assets, enter the beginning balance, post the journal entries from Requirement 2, and compute the ending balance.
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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.
On 1 July 2017, Entity A purchased a property (Land and Building) for $5,000,000. The value of the land and building are $600,000 and $4,400,000 respectively. The expected useful life of the building is 50 years with a residual value of $100,000. Entity A paid 60% by a cheque on 1 July 2017 and the balance was settled on 1 August 2017 through a bank transfer. On 30 June 2019, the property was revalued to $7,562,224 (land $980,224 and buildings $6,582,000) with a new estimated residual value of $120,000. On 30 June 2021, the property was sold to Entity B for $8,600,000. Entity A received 70% on the same date and the balance was settled on 1 August 2021. Entity A opts for annual transfer of the revaluation reserve. REQUIRED: According to relevant accounting standards, prepare journal entries to record the transactions of Entity A from 1 July 2017 to 1 August 2022. ACCOUNTS FOR INPUT: | Machine | Land | Building | Bank | Payable | Receivable | Retained earnings | Share capital | No…
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