Windsor Assets Inc., a publicly listed company, has a building with an initial cost of $425,000....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Windsor Assets Inc., a publicly listed company, has a building with an initial cost of $425,000. At December 31, 2020, the date of revaluation, accumulated depreciation amounted to $116,000. The fair value of the building, by comparing it with transactions involving similar assets, is assessed to be $339,900. On January 5, 2021, Windsor sold the building for $334,900 cash. Prepare the journal entries to record the sale of the building after having used the cost model. (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.) Date Account Titles and Explanation Jan. 5 eTextbook and Media List of Accounts Debit Credit Prepare the journal entries to record the sale of the building after having used the revaluation model using the asset adjustment method. (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.) Date Account Titles and Explanation Jan. 5 Debit Credit Prepare the journal entries to record the sale of the building after having used the revaluation model using the proportionate method. (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. Do not round intermediate calculations. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Jan. 5 Debit Credit Windsor Assets Inc., a publicly listed company, has a building with an initial cost of $425,000. At December 31, 2020, the date of revaluation, accumulated depreciation amounted to $116,000. The fair value of the building, by comparing it with transactions involving similar assets, is assessed to be $339,900. On January 5, 2021, Windsor sold the building for $334,900 cash. Prepare the journal entries to record the sale of the building after having used the cost model. (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.) Date Account Titles and Explanation Jan. 5 eTextbook and Media List of Accounts Debit Credit Prepare the journal entries to record the sale of the building after having used the revaluation model using the asset adjustment method. (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.) Date Account Titles and Explanation Jan. 5 Debit Credit Prepare the journal entries to record the sale of the building after having used the revaluation model using the proportionate method. (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. Do not round intermediate calculations. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Jan. 5 Debit Credit
Expert Answer:
Related Book For
Intermediate Accounting Volume 1
ISBN: 978-1119496496
12th Canadian edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
Posted Date:
Students also viewed these accounting questions
-
In the Nitella cytoplasmic streaming experiment, you will work with a stock solution of 20 M FCCP that was dissolved in 2% DMSO. What will be the approximate final concentration of FCCP when you add...
-
At December 31, 2014, Twin Rivers Company had 450,000 shares of common stock issued and outstanding, 350,000 of which had been issued and outstanding throughout the year and 100,000 of which were...
-
Analyze the liquidity of BooZara, a dog food manufacturer, using the current ratio, inventory turnover ratio, and accounts receivable turnover ratio. All data are in millions Cash = $ 961 Average net...
-
Alpha Corp. (a spinoff of Alpha Beta) makes Product X, which is composed of two Part Ys. Complete the following MRP matrices for X and Y, and construct a planned order report. When are orders placed...
-
The local department store in your hometown has been besieged by competition from the large national chains. What are some ways that target customers attitudes toward the store could be changed?
-
A 2.40-kg, 50.0-cm-Iong uniform bar has a small 1.l0-kg mass glued to its left end and a small 2.20-kg mass glued to the other end. You want to balance this system horizontally on a fulcrum placed...
-
ZipRecruiter periodically issues reports on wages of entry-level workers. They reported that entry-level wages for college graduates who took jobs in Deer Park, California were \($23.69\) per hour...
-
Taser Consulting is a consulting firm owned and operated by Annamarie Phipps. The following end-of-period spreadsheet was prepared for the year ended October 31, 2018: Based on the preceding...
-
One capital investment that State Insurance Company Limited might need to secure financing for in the coming fiscal year is the purchase of a new claims processing system. The estimated cost of the...
-
Last August, Malcolm (who is single) moved out of his rented apartment in Toronto, Ontario, to move to Vancouver, British Columbia, where he now lives and works. Malcolm has two T4s, one from Ontario...
-
How can functionalism be reconciled with emergent social issues, such as systemic inequalities and social justice movements, which challenge the assumption of inherent social order and stability?
-
Cash and Equivalents are $1,561; Short minus Term Investments are $1,000; Accounts Receivables are $3,616; Accounts Payable are $5,121; Short minus Term Debt is $288; Inventories are $1,816; Other...
-
Provide a formulae on how would predict a banks market share for gross loans and advances Eg. Bank A has a market share of 15%($18bn) in 2018 , how do they achieve 16.5% in 2019. The current credit...
-
The classification of intangible assets includes goodwill. Current FASB practice states that goodwill cannot be created, added to, or depreciated or amortized. Some companies have increased their...
-
Why is Cash Flow as important as Profit, particularly to a small firm?
-
your grandfather charles is a widower. he received $2024 per month social security for all of 2019. his only other source of income is part time job at the local library. he receives a w-2 for $14100...
-
When Santiago began his university career, his father deposited an annual fixed-term amount of money, with the goal that, at the end of his 5-year degree, he would have accumulated an amount that...
-
Explain briefly what is meant by electronic data interchange (EDI). How does EDI affect a companys audit trail?
-
What are the major objectives of financial reporting?Who are the users of financial reporting?What type of information will each user group need?Explain with an example.
-
The following are transactions between Wang Corp., the consignor, and Ren Stores Ltd., the consignee, for the month of June 2020. Wang uses a perpetual inventory system and has a separate perpetual...
-
Lydia Trottier has prepared baked goods for sale since 1998. She started a baking business in her home and has been operating in a rented building with a storefront since 2003. Trottier incorporated...
-
Presented below is selected information related to Tsui Repairs at December 31, 2025. Tsui reports financial information monthly (amounts in thousands). a. Determine the total assets of Tsui Repairs...
-
Explain the career opportunities in accounting.
-
Collins Computer Timeshare entered into the following transactions during May 2025. 1. Purchased computers for R\($20,000\) from Digital Equipment on account. 2. Paid R\($4,000\) cash for May rent on...
Study smarter with the SolutionInn App