Solution-Provide the journal entries for both years

Provide the journal entries for both years

Reference no: EM133057840

Question - Victor Ltd owns two blocks of commercial land acquired in 20X1 for the purposes of future development. Block M cost $400,000 and Block N cost $300,000.

Valuations of the blocks are undertaken by an independent valuer on 30 June 20X3 and 30 June 20X5. The assessed values are:

	20X3 valuation	20X5 valuation
Block M	$430,000	$455,000
Block N	$272,000	$329,000

Required - Assuming asset revaluations were undertaken for the land in both 20X3 and 20X5, provide the journal entries for both years.

If a reporting entity elects to use either cost or fair value as the basis for measuring its property, plant and equipment, can it elect to switch to the other method at a later time?

Reference no: EM133057840

Questions Cloud

Describe the ethical dilemma that yvette is facing : Describe the ethical dilemma that Yvette is facing. What ethical principle(s) would Yvette be violating if she allows the orders to be booked as sales

Journalize the lump-sum purchase of the three assets : Journalize the lump-sum purchase of the three assets for a total cost of $155,000. Assume you sign a note payable for this amount

What was the carrying amount of the van at the date of sale : Question - On January 1, 2017, Hard Rock Brewery purchased a van for $41,000. What was the carrying amount of the van at the date of? sale

How many pool cues need to be produced : First Class, Inc., expects to sell 28,000 pool cues for $14 each. Direct materials costs are $3, direct manufacturing labor is $5, How many pool cues need

Provide the journal entries for both years : Assuming asset revaluations were undertaken for the land in both 20X3 and 20X5, provide the journal entries for both years

Calculate Contribution Margin and Operating Income : Patel Manufacturing sold 200,000 units of its product for $30 per unit. Calculate (a) Contribution Margin and (b) Operating Income

What is Ds annual exclusion amount in Year five : D died in Year 13 and the policy turned to cash of $2,000,000 which was distributed evenly among the three children. What is Ds annual exclusion amount in Year

What is included in Ds Taxable Estate : Question - D's Aunt died leaving $1,000,000 in an irrevocable trust which would pay D income for life, What is included in Ds Taxable Estate

Determine the variable cost per unit : Fixed costs are $141,300, and income from operations is $1,836,900. Determine the variable cost per unit and contribution margin ratio

User Account

All Pages

Provide the journal entries for both years

Reference no: EM133057840

Reference no: EM133057840

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

The following items appeared in the accounting records of

What would be the amount that final day would record

Determine the amounts necessary to record income taxes for

Make a multiple-step statement of financial performance

Not-for-profit organization formed on january

Fuller inc issued 100 8 preferred stock five years ago it

What is the market value of the firm equity

What the par value per share is

Prepare the journal entry to record the sales taxes

Determine the magnitude of the resultant force

Make the journal entry to record income taxes payable

What is the total revenue reported by Running Treadmills

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT