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...

60.1K

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 entry required on December 31, 2024. (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 O for the amounts. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Dec. 31, 2024

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

Q

Use calculator or Excel to solve the following problems. DO NOT USE MINITAB (except e). Do...

Statistics
Q

a reinforced concrete bearing wall supports a 12" wide beam bearing in the full width of...

Civil Engineering
Q

A mass m is suspended by means of two coiled spring which have the same...

Physics
Q

5 of 3 Book Print erences The following information applies to the questions displayed below...

Basic Math
Q

djustment for Unearned Revenue On June 1 20Y2 Monarch Co received 43 790 for the...

Basic Math
Q

12 lim f x 1 81x lim f x 2 2 lim f x 1...

Calculus
Q

please answer 1 and 2 show work/ formulas ...

Accounting
Q

Young and Martin, Inc., sells a single product. This year, 20,000 units were sold resulting...

Accounting
Q

On January 1 of Year 1, Bryson Company obtained a $150,000,4 year, 9% instalment note...

Accounting
Q

Calculate the current ratio based on the data in the preliminary statement of financial position....

Accounting
Q

Data table McConnell Department Stores, Inc. Income Statement Compared with Industry Average Year Ended December...

Accounting
Q

An investment offers a total return of 9.5 percent over the coming year. Janice Yellen...

Finance