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Question - Grandpas Are Us (GAU) recently acquired a new piece of land in Burton County on April 1, 2012. The land cost $500,000. GAU reports under IFRS and revalues its land. On December 31, 2017, the fair value of the land is $450,000. On December 31, 2020, the fair value of the land is $520,000.
Provide all necessary journal entries for 2012 through 2020.
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Construction of Building B on the newly acquired land began on October 1, 2010. By September 30, 2011, Thompson had paid $210,000 of the estimated total construction costs of $300,000. Estimated completion and occupancy are July 2012.
Bell Ltd. exchanged a piece of equipment for land and also paid $10,000 cash. The equipment was acquired at a cost of $420,000 in previous years.
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Mulberry Corporation has an August 31 year-end. Mulberry had $50,000 in accumulated E & P at the beginning of its 2015 fiscal year (September 1, 2014) and during the year, it incurred a $75,000 operating loss. It also distributed $65,000 to its sole ..
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