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Sunshine Company acquired equipment on January 1, 2015, for $40,000. Sunshine elects to value this class of equipment using revaluation accounting as permitted by International Financial Reporting Standard. This equipment is being depreciated on a straight-line basis over its 8-year useful life. There is no residual value at the end of the 8-year period. On December 31, 2015, the fair value of the equipment is determined to be $37,800. After recording depreciation for year 2015, the entry to revalue the equipment would include which of the following:
Credit unrealized gain from revaluation by $2,800.
Debit unrealized gain from revaluation by $2,200.
Debit accumulated depreciation by $4,000.
Credit equipment by $5,000.
Adjusted current earnings: $10,000, 17,000, 5,000. Find what are the ACE adjustments for each of the three years?
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Prepare a schedule for each of the three years (2014-2016) in which you summarize the transactions as they affect permanently restricted, temporarily restricted, and unrestricted net assets.
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