User Account

All Pages

What is the journal entry to record change in revaluation

Assignment Help Financial Accounting
Reference no: EM132880899

An equipment was acquired for 3,000,000 on Jan. 1, 2018. It is being depreciated to a salvage value of 400,000 over 10 years. It has the following revaluation details: (A) Jan. 1, 2021 - Replacement cost of 4,100,000 and remaining useful life of 7 years, (B) Jul. 1, 2026 - Replacement cost of 3,500,000 and remaining useful life of 3 years.

Problem 1: After recording the depreciation as of Jul. 1, 2026, what is the journal entry to record the change in revaluation using the proportionate method? How much should be (debited) or credited to revaluation surplus? Solutions must be in good accounting form.

Reference no: EM132880899

Questions Cloud

How much should pay to buy an asset today : How much should you pay to buy an asset today that will pay you $5,000 every month, with the first payment eight months from now and the last payment 3 years
What is the payoff one year from today from buying one share : What is the payoff one year from today from buying 1 share of ABC and at the same time buying an at-the-money $3000 European put on ABC?
Determine whether corporate treasury could make geographic : Determine whether the corporate treasury could make geographic arbitrage profit with the two different exchange rate quotes.
Examine talent management and retention challenges : Examine talent management and retention challenges at Google, support with appropriate examples referring case study named " GOOGLE: LEGAL BATTLES AND CHANGING
What is the journal entry to record change in revaluation : After recording the depreciation as of Jul. 1, 2026, what is the journal entry to record the change in revaluation using the proportionate method?
Discuss best practices for hiring top talent : Discuss best practices for hiring top talent and the process for developing top talent from within the organization.
How much is the revaluation surplus to be reported : How much is the revaluation surplus to be reported on the Statement of Financial Position as of Dec. 31, 2024 assuming that SMITH records piecemeal
Do you think you have diversity in your family : Do you think you have diversity in your family? Explain the basis of the diversity that your family members have. Do you face any challenge / advantage dealing
Describe how the chart of accounts functions : In order to track expenditures local government uses a "chart of accounts" describe how the chart of accounts functions and why it is used for financial control

Reviews

Write a Review

Financial Accounting Questions & Answers

  Prepare schedule showing the annual depreciation

On January 2, 2013, the Hanover Company purchased some office equipment for $20,000. The equipment is expected to have a useful life of five years and a salvage value of $2,000. Prepare a schedule showing the annual depreciation for each of the first..

  What is the average inventory held during the year

The company is using Economic Order Quantity model in placing the orders. What is the average inventory held during the year

  What are different types of services to existing clients

Would it make the most sense for Carrie to consider developing new clients or to consider offering different types of services to existing clients

  Which of the accounts appears on the income statement

The matching objective requires that which of the accounts appears on the income statement for the year ended December? 31?

  Prepare general journal entries to record the transactions

Question - Following are transactions of Leduc Company: Prepare General Journal entries to record the above transactions

  Evaluate analysis that has been prepared by the manager

Provide a correct analysis and assess whether or not the gelato bar should be continued. Evaluate analysis that has been prepared by the manager.

  Macroeconomics is part of the economics concerned

Macroeconomics is part of the economics concerned with individual units such as a person, a household, a firm of an industry"

  Compute return on net operating assets

Compute return on net operating assets (RNOA) for 2013 and 2012. Net operating assets are $412,630 thousand in 2011.

  What would the amount be as of december

What would the amount be as of December 31, 2020 for any Deferred Tax Asset / Liability? Be sure to specify whether it is an asset or liability

  Which is true about a partnership

Which is true about a partnership? If a new partner is admitted to the partnership, the old partnership must liquidate./ Partnerships have an unlimited life.

  Users of financial reporting standard

Does AASB 8 Leads to useful information to users of financial reporting standard? Or fail

  Prepare the statement of changes in net position

Prepare the Statement of Changes in Net Position of Flood Control Commission for the month ended October 31, 2017. Prepare the Statement of Budgetary Resources.

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