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Oilers Inc. owns a motel that it purchased on January 1, 2020, for $ 1.65 million cash and is accounted for in a separate account, classified as "Structures." Oilers is using the revaluation model to account for its structures and revalues them every two years. Oilers uses straight-line depreciation over the asset's 20-year useful life with no residual value.
Using proper descriptions on all accounts:
problem 1: Prepare the acquisition for 2020 and depreciation entries for 2020 and 2021
problem 2: Assuming Oilers uses the asset adjustment method for revaluation, required journal entries on Revaluation surplus or deficit for 2021.
problem 3: Record the depreciation entry of Structures for 2022
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