Question: Only Answer if you are sure about your answer A company purchased a building on January 1, 2020 for a cost of $1,700,000 cash. The

Only Answer if you are sure about your answer

A company purchased a building on January 1, 2020 for a cost of $1,700,000 cash. The useful life is 25 years and the residual value is $250,000. The company decided to use the revaluation model for the building. The fair value of the building on December 31, 2021 was $1,600,000, no change in value in 2022 and the fair value on December 31, 2023 was $1,400,000.

Required:

Prepare the journal entries from January 1, 2020 to December 31, 2023.

What is the balance in the Other Comprehensive Income account on December 31, 2021 and December 31, 2023.

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