E11.24 (LO5) (Revaluation Accounting) Croatia Company purchased land in 2019 for $300,000. The land '...
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Accounting
E11.24 (LO5) (Revaluation Accounting) Croatia Company purchased land in
2019 for $300,000. The land
'
s fair value at the end of 2019 is $320,000; at
the end of 2020, $280,000; and at the end of 2021, $305,000. Assume that
Croatia chooses to use revaluation accounting to account for its land.
Instructions
Prepare the journal entries to record the land using revaluation accounting for
2019
2021.
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