Use the information in E11.25. Instructions Prepare the journal entries to record the revaluation of the land
Question:
Use the information in E11.25.
Instructions
Prepare the journal entries to record the revaluation of the land in each year.
Data from E11.25
Pengo Ltd. owns land that it purchased at a cost of ¥400 million in 2020. The company chooses to use revaluation accounting to account for the land. The land’s value fluctuates as follows (all amounts in thousands as of December 31): 2020, ¥450,000; 2021, ¥360,000; 2022, ¥385,000; 2023, ¥410,000; and 2024, ¥460,000.
Instructions
Complete the following table.
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Related Book For 
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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