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Show the carrying amount of the motel on december

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Reference no: EM132864928

Aden Motels Inc. owns a motel that it had purchased on January 1, 2020, for $ 1.5 million cash and is accounted for in a separate account, classified as "Structures." The company is using the revaluation model to account for its structures and revalues them at the end of 2021 only. Aden uses straight-line depreciation over the asset's 10-year useful life with no residual value. The asset's fair value was equal to its book value on Dec. 31, 2020, and was $ 1,475,000 on Dec. 31, 2021.

Instructions

Problem a) Assuming Aden uses the asset adjustment (elimination) method for revaluation, prepares all required journal entries for 2020 and 2021.

Problem b) Show the carrying amount of the motel on December 31, 2021.

Reference no: EM132864928

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