Reference no: EM132995903
On January 1, 2016, Greenhills Company acquired property, plant and equipment for each as follows: Cost Life in years Land 5,000,000 Building 25,000,000 25 13 Machinery 10,000,000 5 Equipment 3,000,000 10 At the beginning of 2019, a revaluation of property items was made by professionally qualified valuers. While no change in the life of the assets was indicated, it was ascertained that replacement cost of the assets acquired in 2016 had increased by the following percentage: Land 100% Building 80% Machinery 50% Equipment 40% It was authorized that such revaluation be recorded in the accounts and that depreciation be recorded on the basis of revalued amount.
Required:
Problem a. Prepare journal entry to record the revaluation on January 1, 2019.
Problem b. Prepare the journal entry to record the depreciation for 2019.
Problem c. Prepare the journal entry to record the piecemeal realization of the revaluation surplus.
Problem d. Present the assets in the statement of financial position on December 31, 2019.
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