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Prepare all the journal entries related to the depreciation

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Question - CBBB Company uses the revaluation model for its buildings. The last revaluation of the buildings to their fair value took place on December 31, 2018. CBBB provided you with the following information taken from its books on December 31, 2020:

Building $980,000

Accumulated depreciation, recorded up to December 31, 2019. 75,000

Annual depreciation 75,000

Residual value 80,000

Remaining useful life on December 31, 2018, date of last revaluation 12 years

Accumulated OCI- revaluation of building 12,000

Depreciation of 2020 was not recorded.

On December 31, 2020, the building fair value is $815,000.

The straight-line method of depreciation is used for buildings.

Required -

1- Prepare all the journal entries related to the depreciation and revaluation of the building in 2020.

2- Calculate the depreciation expense to be recorded on December 31, 2021.

Reference no: EM132896019

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