Reference no: EM133027797
Question - Jasper Ltd adopts the revaluation model for measuring buildings. As of 30 June 2021, Jasper Ltd has one building. The following information relating to the building is available:
Purchased on 2 July 2009 at a cost of $150,000. Estimated residual value $15,000, and useful life 20 years.
Extensions completed on 30 June 2018, at a cost of $45,000. After the extensions the building's useful life was increased by 5 years. The residual value did not change.
The building was revalued upwards on 30 June 2020 to a fair value of $130,000. This resulted in a gain on revaluation of $10,656. The residual value did not change. However Jasper Ltd determined that the building had a remaining useful life of 10 years.
On 30 June 2021, and prior to recording depreciation for the year, Jasper Ltd obtained a fair value for the building at $100,000.
The company uses straight-line depreciation, the reporting period ends 30 June, the tax rate is 30%, and journal entries are recorded to the nearest dollar.
Required - Prepare the necessary journal entries for the revaluation of the building on 30 June 2021 ONLY.
|
What the initial outlay for this project
: The gluing machine costs? $50,000 and requires installation costs of? $2,500. What the initial outlay for this project
|
|
What is the Budgeted purchases during October
: Of the total sales 40% is on credit which the company collects in the month following the month of sale. What is the Budgeted purchases during October
|
|
Can international criminal law end impunity
: Can International Criminal Law end impunity, create justice and contribute to peace?
|
|
What is the market-implied dividend growth rate
: Question - A firm has equity beta of 2.1. The market risk premium is 4%, and the risk-free rate is 2.8%. What is the market-implied dividend growth rate
|
|
Prepare the necessary journal entries for the revaluation
: Purchased on 2 July 2009 at a cost of $150,000. Estimated residual value $15,000, and useful life 20 years. Prepare the necessary journal entries
|
|
Suitable supply chain risk management
: Benefits and disadvantages of outsourcing the production, supply chain, logistics and Suitable forecast and modelling of sales and impact to downstream supplier
|
|
What is one share of this stock worth to you
: Beginning 5 years from now, the dividend is expected to increase by 4.0 percent annually. What is one share of this stock worth to you
|
|
What would be reported as cost of goods sold
: What would be reported as Cost of Goods Sold on the income statement for the year ending December? 31, 2025 if the perpetual inventory system
|
|
What is a fair market price for a company common stock
: If investors require a return of 15% to hold a company's common shares, what is a fair market price for a company common stock
|