Reference no: EM132609266
On January 1, 2018, Randy Ltd. acquired a building at a cost of $440,000. The building was expected to have a 22-year useful life and no residual value. The asset was accounted for under the revaluation model, using the asset adjustment method. Revaluations were to be carried out every three years. On December 31, 2020, the fair value of the building was appraised at $415,000, and on December 31, 2023, its fair value is $320,000. Randy Ltd. applies IFRS.
Question (1) Prepare the journal entry required on December 31, 2018
Question (2) Prepare the journal entry required on December 31, 2019
Question (3) Prepare the journal entry required on December 31, 2020
Question (4) Prepare the journal entry required on December 31, 2021
Question (5) Prepare the journal entry required on December 31, 2022
Question (6) Prepare the journal entry required on December 31, 2023
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