Question: PROBLEM #7 GG Company provided the following data on the date of revaluation: Building, at original cost 5,000,000 Building, at fair value 6,000,000 Accumulated depreciation

PROBLEM #7 GG Company provided the following data on the date

PROBLEM #7 GG Company provided the following data on the date of revaluation: Building, at original cost 5,000,000 Building, at fair value 6,000,000 Accumulated depreciation - cost (40-year life and 10 1,250,000 years expired) REQUIRED: Under the proportional approach" and "elimination approach", prepare journal entries for the current year

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