Leigh Co. owns a motel that it had purchased on January 1, 2020, for $ 1.5 million
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Question:
Leigh Co. owns a motel that it had purchased on January 1, 2020, for $ 1.5 million cash. The company is using the revaluation model to account for its motel and revalues it annually. Lee Co. uses straight-line depreciation over the asset's 15-year useful life with no residual value. The asset's fair value was equal to its book value on Dec. 31, 2020, the fair value was $ 1,450,000 on Dec. 31, 2021 and $1,150,000 on December 31, 2022.
Required:
Prepare all the required journal entries from January 1, 2020 to December 31, 2022.
Related Book For
Modern Advanced Accounting in Canada
ISBN: 978-1259087554
7th edition
Authors: Hilton Murray, Herauf Darrell
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