On January 1, 2018, Jonny Ltd. acquired a building at a cost of $440,000. The building was expected to have a 22-year useful life and no residual value. The asset was accounted for under the revaluation model, using the asset adjustment method. Revaluations were to be carried out every three years. On December 31, 2020, the fair value of the building was appraised at $415,000, and on December 31, 2023, its fair value is $320,000. Jonny Ltd. applies IFRS.

A- Prepare the journal entry required on December 31, 2018

B- Prepare the journal entry required on December 31, 2019

C- Prepare the journal entry required on December 31, 2020

D- Prepare the journal entry required on December 31, 2021

E- Prepare the journal entry required on December 31, 2022

F- Prepare the journal entry required on December 31, 2023

Answer rating: 100% (QA)

Date Details Ref Debit Credit 31122018 Depreciation ac Dr 20000 To building ac 20000 31122019 De... View the full answer