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Prepare the revaluation journal entries required on december

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Reference no: EM132969664

On January 1, 2021, Eeon Ltd. acquires a building with the following information:

  • Cost of $230,000
  • 20-year useful life and no residual value
  • The asset is accounted for under the revaluation model, using the asset adjustment method
  • Revaluations are carried out every three years. On December 31, 2023, the fair value of the building is appraised at $205,000, and on December 31, 2026, its fair value is $150,000
  • IFRS is applied

Problem 1: Prepare the depreciation journal entry required on December 31, 2021, 2022, and 2023.

Problem 2: Prepare the revaluation journal entries required on December 31, 2023.

Problem 3: Prepare the depreciation journal entry required on December 31, 2024, 2025, 2026.

Problem 4: Prepare the revaluation journal entries required on December 31, 2026.

Problem 5: Prepare the revaluation journal entries required on December 31, 2023 if Eeon Ltd. uses the proportionate method.

Reference no: EM132969664

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