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Scoop is a main "crew" in Bob the Builder and it was purchased on January 1, Year 10 for $100,000. [Please use "equipment" account for "Scoop" in your journal entry.] Bob has been depreciating Scoop on a straight-line basis over a 25-year period with zero residual value. The appraisal carried out on December, Year 14 determined that the fair value of scoop was 72000 and the appraisal carried out on December, Year 19 determined that the fair value of scoop was 67500 . Bob adopts revaluation model for Scoop and he uses proportional method. Please note that Bob makes the revaluation-related journal entry after he records depreciation expense as in your lecture note example. Also note that Bob does not adopt any partial-year depreciation. Have fun!
Question (1) Prepare the journal entry that reflects the revaluation on December, Year 13.
Question (2) Prepare the journal entry that reflects the revaluation on December, Year 17.
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ABC Company sells 4,994 chairs a year at an average price per chair of $199. The carrying cost per unit is $32.43. The company orders 479 chairs at a time and has a fixed order cost of $25.3 per order. The chairs are sold out before they are resto..
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Provide all journal entries that are necessary in the books of Large Mart to account for the purchase of the video camera on 1 May 201x as well as
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