On December 31, 2015, C Enterprises purchased land at a cost of $550,000 and decided...
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Accounting
On December 31, 2015, C Enterprises purchased land at a cost of $550,000 and decided to apply the revaluation model. The fair value of the land on of the land on December 31, 2017 and 2020 is $825,000 and $700,000 respectively. The land is sold for $615,000 on June 15, 2021.
Prepare all journal entries for the year ended December 31, 2017 to December 31, 2021.
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