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Prepare the entry required on december

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Question - On January 1, 2019, ABC Company acquires a building at a cost of $ 900,000. The building is expected to have a 30-year life and no residual value. The asset is accounted for under the revaluation model using asset reductions and revaluations are carried out every two years. On December 31, 2020, the fair value of the building is appraised at $ 880,000, and on December 31, 2022, its fair value is $ 750,000.

Required -

a) Prepare the entry(ies) required on December 31, 2019.

b) Prepare the entry(ies) required on December 31, 2020.

c) Prepare the entry(ies) required on December 31, 2021.

d) Prepare the entry(ies) required on December 31, 2022.

Reference no: EM133076832

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