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Prepare the journal entries on the books of wildhorse ltd

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Wildhorse Ltd. purchased a building on January 1, 2018 for $15,420,000. Wildhorse 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 Wildhorse used straight-line depreciation. On December 31, 2019, the building had a fair value of $14,560,000. On December 31, 2021, the building had a fair value of $13,269,800.

Question 1: Prepare the journal entries on the books of Wildhorse Ltd. to revalue the building on December 31, 2019 and December 31, 2021 using the asset adjustment method.

Reference no: EM132615276

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