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.

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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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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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Accounting

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