User Account

All Pages

What is the revaluation surplus on December

Assignment Help Accounting Basics
Reference no: EM132764333

Question - On January 1, 2020, Contentiuos Company provided the following information related to the land and building:

Land 50,000,000

Building 450,000,000

Accumulated depreciation-building 75,000,000

There were no additions or disposals during the current year. Depreciation is computed using straight line over 15 years for building.

On June 30, 2020 the land and building were revalued.

Replacement Cost Sound value

Land 65,000,000 65,000,000

Building 600,000,000 480,000,000

Required -

1. What is the revaluation surplus on June 30, 2020?

2. What is the depreciation of the building for 2020?

3. What is the revaluation surplus on December 31, 2020?

Reference no: EM132764333

Questions Cloud

Washing their hands between patients : Clinical staff members are not washing their hands between patients.
Determine the yearly amount for the first four years : The truck has a 400,000 km life. The CFO wants you to the following analysis for depreciation determine the yearly amount for the first four years.
What is the net income for this firm : What is the net income for this firm? (Do not round your intermediate calculations and round your answer to the nearest whole number, e.g, 32).
Administrators are faced with variety of ethical issues : Health care providers, managers, and administrators are faced with a variety of ethical issues.
What is the revaluation surplus on December : Accumulated depreciation-building 75,000,000. What is the revaluation surplus on December 31, 2020? What is the depreciation of the building for 2020
Interest rates impact the reward-to-volatility : How would the increase in interest rates impact the Reward-to-Volatility (Sharpe) ratio?
Major innovation that changes the way we work and play : In your selection of what you think will be the next major innovation that changes the way we work and play,
Show an analysis showing the company should eliminate : Gator Corporation manufactures several types of accessories. Show an analysis showing the company should eliminate the gloves and mittens line.
Prepare a balance sheet at December : Listed below in random order are the items to be included in the balance sheet of Smokey Mountain Lodge at December 31, 2011. Prepare a balance sheet

Reviews

Write a Review

Accounting Basics Questions & Answers

  Grady leasing company signs an agreement on january

Azure Company assumes direct responsibility for all executory costs, which include the following annual amounts: (1) $900 to Frontier Insurance Company for insurance and (2) $1,600 to Crawford County for property taxes.

  While gaap requires treating selling and administrative

while gaap requires treating selling and administrative expenses as period expenses and it requires assigning all

  Perspective of a user of financial statements

What is a current liability? From the perspective of a user of financial statements, why do you believe current liabilities are separated from long-term liabilities?

  On june 30 2009 sams office supplies issued 50000 face

on june 30 2009 sams office supplies issued 50000 face value of 8 bonds at 106. they were five-year bonds with interest

  What is the estimated inventory on July

On July 8, a fire destroyed the entire merchandise inventory on hand of Larrenaga Wholesale Corporation. What is the estimated inventory on July

  Discuss qualitative and quantitative items

Discuss qualitative and quantitative items as well as the organization's mission and goals

  A loan officer states that thousands of dollars can be

a loan officer states that thousands of dollars can be saved by switching to a 15-year mortgage from a 30-year

  Determine the amount that will be reported on culver

Determine the amount that will be reported on Culver's December 31, 2019 and 2020, statements of financial position. (Round answers to 0 decimal places)

  How should clyde treat the payment

Clyde agreed to surrender his Red stock in exchange for $600,000. clyde's basis in his shares was $143,000 and he held the shares for 17 years. the agreement made no explicit allocation of any of the $600,000 to clyde's agreement not to compete ag..

  Estimated total future cash flows from the trade

Reymont determines that fair value of the trade name is $16,111. Estimated total future cash flows from the trade name is $17,335 on January 3, 2011

  Calculate the amount of capital gain or capital loss

Gain from tha sale of a business computer $4,800; Loss from the sale of a personal use auto $1,200; Long-Term loss from the sale of land held for investment.

  An investor is comparing he following two bonds a bond

an investor is comparing he following two bonds a bond from abc corp which pays an interest rate of 9 percent per year

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