Question: Variable Value Limited (VVL) was incorporated on January 1, 2013, when the sole shareholder invested $1,000,000. This is the only financing the firm needed. VVL

Variable Value Limited (VVL) was incorporated on January 1, 2013, when the sole shareholder invested $1,000,000. This is the only financing the firm needed. VVL had a single project that it developed over four years. Below are details of the four years of operations. VVL used $900,000 of the funds to purchase land. At the end of 2016 the land was sold for its fair value.

($000's) 2013 2014 2015 2016 Revenue (all cash) $2,500 $3,000 $2,000 $1,500

Required:Complete the following tables. The first table assumes that VVL uses the historical cost basis of measurement. The second table assumes that VVL uses the revaluation model of measurement. OCI refers to other comprehensive income.

Expenses (all cash) 2,300 2,600 1,700 1,400 Fair value of land at

end of the year 1,150 800 1,050 1,100

*OCI 5 other comprehensive income

($000's) 2013 2014 2015 2016 Revenue (all cash) $2,500 $3,000 $2,000 $1,500 Expenses (all cash) 2,300 2,600 1,700 1,400 Fair value of land at end of the year 1,150 800 1,050 1,100

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