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Question - Bells Inc. owns a motel that it had purchased on January 1, 2020, for $ 1.5 million cash and is accounted for in a separate account, classified as "Structures." The company is using the revaluation model to account for its structures and revalues them every two years. Bells uses straight-line depreciation over the asset's 15-year useful life with no residual value.
The asset's fair value was $ 1,450,000 on Dec. 31, 2021.
Instructions - Using proper descriptions on all accounts:
1. Make the acquisition for 2020 and depreciation entries for 2020 and 2021.
2. Assuming Bells uses the asset adjustment method for revaluation, make all required journal entries on Revaluation surplus or deficit for 2021.
3. Record the depreciation entry of Structures for 2022.
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