(LO9.4,LO9.9) On 3 May 20XI, Rav Corp.purchased land for $1.65 million. The company uses the revaluation model...

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(LO9.4,LO9.9) On 3 May 20XI, Rav Corp.purchased land for $1.65 million. The company uses the revaluation model for its land. Assume that the land is revalued annually. The fair value of the land at the end of 20X1,20X2, and 20X3 were as follows: 31 December 20X1: $1,689,000 31 December 20X2: $1,627,000 31 December 20X3: $1,804,000 Required: Prepare the journal entries for 20X1,20X2 and 20X3 of the land under the revaluation model

Posted Date: May 18, 2024 02:06 PM

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(LO9.4,LO9.9) On 3 May 20XI, Rav Corp.purchased land for $1.65 million. The company uses the revaluation model...

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