Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, 2020, sunland ltd. acquires a buildi

On January 1, 2020, Sunland Ltd. acquires a building at a cost of $270,000. The...

70.2K

Verified Solution

Question

Accounting

imageimage

On January 1, 2020, Sunland Ltd. acquires a building at a cost of $270,000. The building is expected to have a 20-year life and no residual value. The asset is accounted for under the revaluation model, using the asset adjustment method. Revaluations are carried out every three years. On December 31, 2022, the fair value of the building is appraised at $245,000, and on December 31, 2025, its fair value is $140,000. Sunland Ltd. applies IFRS. Prepare the journal entries required on December 31, 2025. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Dec. 31, 2025 (To record depreciation.) Dec. 31, 2025 (To eliminate the accumulated depreciation) Dec. 31, 2025 (To adjust the Buildings account to fair value)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

Calculate the sample standard deviation and sample variance for the following frequency distribution of heart rates...

Physics
1.2K views

Two charged droplets of toner ink behave as two shells of uniform surface charge density. (Toner...

Biology
1.2K views

The term limited liability means The liability of the stock holders O is limited to...

Basic Math
1.2K views

44 of 4 3 NO N 20 f 44 44 9 44 As shown above...

Calculus
1.2K views

The slope of the tangent line to the curve y 3 3 at the point...

Calculus
1.2K views

What is meant by a sinking fund List some reasons for establishing a sinking fund...

Algebra
1.2K views

Correct For the functions f x and g x x 1 3 x 5 find...

Algebra
1.2K views

49 Height of a Tower The shadow of a vertical tower is 40 6 m...

Accounting
1.2K views

The management of Schenk Corporation is investigating automating a process by replacing old equipment by...

Accounting
1.2K views

The following is a partial trial balance for the Green Star Corporation as of December...

Accounting
1.2K views

What are the two variances between the actual cost and the standard cost for direct...

Accounting
1.2K views

7. DEMAND-RELATED PRICING CALCULATIONS a. Calculate the price elasticity of demand for a restaurants pizza...