Company Three purchased land for $1,000,000. Fair value was $600,000 at the beginning of the year and
Question:
Required:
Prepare the journal entry to record the revaluation adjustment.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 73% (19 reviews)
Dr Land 1100000 500000 600000 Cr Gain on land r...View the full answer
Answered By
Susan Juma
I'm available and reachable 24/7. I have high experience in helping students with their assignments, proposals, and dissertations. Most importantly, I'm a professional accountant and I can handle all kinds of accounting and finance problems.
4.40+
15+ Reviews
45+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
Company One purchased land for $1,000,000 during the year. Fair value at the end of the year was $1,250,000. Required: Prepare the journal entry to record the revaluation adjustment.
-
Company Two purchased land for $1,000,000. Fair value was $500,000 at the beginning of the year and $400,000 at the end of the year. Required: Prepare the journal entry to record the revaluation...
-
Company Four purchased land for $1,000,000. Fair value was $1,250,000 at the beginning of the year and $800,000 at the end of the year. Required: Prepare the journal entry to record the revaluation...
-
Unfiltered olive oil must flow at a minimum speed of 3.0 m/s to prevent settling of debris in a pipe. The oil leaves a pump at a pressure of 88 kPa through a pipe of radius 9.5 mm. It then enters a...
-
At May 31, Brunet Company has net sales of $340,000 and cost of goods available for sale of $230,000. Compute the estimated cost of the ending inventory , assuming the gross profit rate is 35%.
-
A Play in Salary The Situation You have interviewed a prospective new employee who could be a key member of your team. The problem is that Shakira is asking for a starting salary which exceeds 20%...
-
Repeat Exercise 20 for samples of size 18 and 12. What happens to the mean and the standard deviation of the distribution of sample means as the sample size decreases? Data from Exercises 20 The...
-
Selected cost data for Antique Poster Co. are as follows: Estimated manufacturing overhead cost for the year....$ 120,000 Estimated direct labor cost for the year......... 100,000 Actual...
-
22.Many nuclides with atomic numbers greater than 83 decay by processes such as electron emission. Explain the observation that the emissions from these unstable nuclides also normally include...
-
Does the old saying You get what you pay for apply to a board of directors or a board of advisors?
-
a. Explain why non-current assets held for sale should be presented separately from other non-current assets. b. Explain why non-current assets held for sale should he recorded at the lower of their...
-
Sierra Mountain Gear Ltd. had retail operations throughout most of Canada. In 2012, the company decided to sell all of its stores in the western provinces to a competitor; however, the sale was not...
-
The financial statements of PepsiCo, Inc. are presented in Appendix A at the end of this textbook. Instructions Answer the questions below using the Consolidated Balance Sheet and the Notes to...
-
Identify major differences between a service and manufacturing operation. Do these different types of operations pose different sustainability challenges, or do they have issues in common?
-
Have you ever worked for a company that promotes sustainability?
-
It is generally accepted that one advantage of an online store is lower overhead costs (expenses not directly related to production such as rent, utilities, and insurance). How would a move to...
-
When did you first learn about sustainability? What was your impression?
-
What is the difference between legal compliance and sustainable performance? Why might mere compliance be insufficient to promote sustainability?
-
Determine whether the statement is true or false. If it is false, explain why or give an example that shows it is false. If y = 2 , then dy/dx = 2.
-
In Exercises delete part of the domain so that the function that remains is one-to-one. Find the inverse function of the remaining function and give the domain of the inverse function. f(x) = 16x4 -3...
-
(Objectives of Financial Reporting) Karen Sepan, a recent graduate of the local state university, is presently employed by a large manufacturing company. She has been asked by Jose Martinez,...
-
(Accounting Numbers and the Environment) Hardly a day goes by without an article appearing on the crises affecting many of our financial institutions in the United States. It is estimated that the...
-
(Accounting Numbers and the Environment) Hardly a day goes by without an article appearing on the crises affecting many of our financial institutions in the United States. It is estimated that the...
-
Factory overhead of $44,700 consists of Indirect labor of $21,900, Depreciation expense-Factory of $16,900, and Factory utilities of $5,900. a. Compute total manufacturing costs. b. Prepare a...
-
In Giannakakos et al. (2016), titled Using Video Modeling with voiceover Instruction plus feedback to train staff to implement direct teaching procedures, why do you think collecting data on the...
-
Presidio, Inc., produces one model of mountain bike. Partial information for the company follows: Required: 1. Complete Presidios cost data table. 2. Calculate Presidios contribution margin ratio and...
Study smarter with the SolutionInn App