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E11.24 (LO5) (Revaluation Accounting) Croatia Company purchased land in 2019 for $300,000. The land ' s fair value at the...

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Question

Accounting

E11.24 (LO5)(Revaluation Accounting) Croatia Company purchasedland 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 itsland.

Instructions

Prepare the journal entries to record the land using revaluationaccounting for

2019

–

2021.

Answer & Explanation Solved by verified expert
4.5 Ratings (910 Votes)
Solution Journal Entries in the Books of Croatia Company 2019 Date Account Titles and Explanation Debit Credit 2019 Land 300000 Cash 300000 Being land purchased 2019 Land 20000 Revaluation Surplus    See Answer
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