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Prepare journal entries on the books of teal ltd to revalue

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Reference no: EM132930691

Problem 1: How to adjust depreciation on building?

Problem 2: How to adjust building?

Problem 3: How to adjust depreciation on building?

Teal Ltd. purchased a building on January 1, 2018 for $14,850,000. Teal 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 Teal used straight-line depreciation. On December 31, 2019, the building had a fair value of $14,056,000. On December 31, 2021, the building had a fair value of $12,779,600.

Problem 4: Prepare the journal entries on the books of Teal Ltd. to revalue the building on December 31, 2019 and December 31, 2021 using the asset adjustment method.

Problem 5:  How to adjust building?

Reference no: EM132930691

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