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Prepare the journal entries to record land using revaluation

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Point 1: Croatia Company purchased land in 2015 for $300,000. The land's fair value at the end of 2015 is $320,000; at the end of 2016, $280,000; and at the end of 2017, $305,000. Assume that Croatia chooses to use revaluation accounting to account for its land.

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Question 1: Prepare the journal entries to record the land using revaluation accounting for 2015-2017.

Reference no: EM132499551

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