User Account

All Pages

Provide the journal entries to account for the revaluation

Assignment Help Accounting Basics
Reference no: EM133114326

Question - ABC Ltd has the following land and buildings in its financial statements as at 30 June 2022:

Residential land, at cost 2,260,000

Factory land, at valuation 2020 2,034,000

Buildings, at valuation 2020 1,808,000

Accumulated depreciation -226,000

At 30 June 2022, the balance of the revaluation surplus is $904 000, of which $678 000 relates to the factory land and $226 000 to the buildings. On this same date, independent valuations of the land and buildings are obtained. In relation to the above assets, the assessed fair values at 30 June 2022 are:

Residential land, previously recorded at cost 2,486,000

Factory land, previously revalued in 2020 1,582,000

Buildings, previously revalued in 2020 2,034,000

Required - Provide the journal entries to account for the revaluation on 30 June 2022. ABC Ltd classifies the residential land and the factory land as different classes of assets.

Reference no: EM133114326

Questions Cloud

How they differ from a mutual fund : Please describe what a hedge fund is, who uses them and how they differ from a mutual fund.
How globalization and technology changes : Assess how globalization and technology changes have impacted the corporation you researched.
Expected market rate of return : Let x = 2. The risk-free rate is 1%. The expected market rate of return is 10%. If you expect stock ABC with a beta of 0.6 to offer a rate of return of (x+1)%,
What is the value of meta corporation : Meta Corporation and Zeta Corporation are identical in every way except their capital structures. Met a Corporation is an all-equity firm. Zeta Corporation uses
Provide the journal entries to account for the revaluation : Provide the journal entries to account for the revaluation on 30 June 2022. ABC Ltd classifies the residential land and the factory land as different classes
Compute the current price of bond a : Bond A is a 6% coupon(paid semi-annually) 12 year bond with a face value of $100 Bond B is a 4% coupon(paid semi-annually) 12 year bond with a face value of $1
Effect of unionization on wages : What has been the effect of unionization on wages, hours, and working conditions, within the context of union and management rights?
Determine the lump sum payment : MGMT2023 has been promised payments of $100 every month for the next five years. The first payment is to be made one month from now. The prevailing rate of inte
How much of this judgment would the insurance cover : If two other people are awarded $35,000 each for injuries in an auto accident in which Becky was judged at fault, how much of this judgment

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare the journal entry that would record the issuance

Prepare the journal entry that would record the issuance, assuming the market interest rate at the date of issuance was (1) 4%, (2) 6%, (3) 8%

  Prepare the journal entry to record the fair value option

Pierre Company has a 12% note payable with a carrying value of $20,000. Prepare the journal entry to record the fair value option for this note

  Schedule of cost of goods manufactured income statement the

schedule of cost of goods manufactured income statement the following information was taken from the ledger of

  Estimate the debt ratio for iou

The firm has a beta of 1.20, and the current Treasury bond rate is 7 percent. Assuming that the operating income will increase 10 percent a year for the next five years and that the firm's depreciation and capital expenditures both amount to $100..

  What is the simple rate of return on the new machine

The new machine would cost $300,000 and would have a fifteen-year useful life. What is the simple rate of return on the new machine

  Explore the FASB Codification sections

Explore the FASB Codification sections regarding stockholders' equity. Identify one question that has arisen as you have explored equity in the codification

  Provide the adjusted comparative EPS

At the beginning of the current period Alps Ltd also had 500 000, $1.00, 8% cumulative preference shares on issue. Provide the adjusted comparative EPS

  Discuss pros and cons of drawing up a partnership agreement

Discussion- Structuring the Partnership Agreement- Discuss the pros and cons of drawing up a partnership agreement. Defend your position.

  Wynn sheet metal reported an operating loss

Wynn Sheet Metal reported an operating loss of $162,000 for financial reporting and tax purposes

  Create journal entries to record the preceding transactions

Lutz Company produces a product in two departments: Mixing and Finishing. Create the journal entries to record the preceding transactions for Lutz Company.

  Record the cash received on account

At year-end (December 31), Chan Company estimates its bad debts as 0.30% of its annual credit sales of $673,000. Chan records its Bad Debts Expense.

  Prepare statement of cash flows, including the cash balance

Prepare a statement of cash flows, including the cash balance on August 31. How much is the net increase or decrease in cash

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd