Tab Corporation purchases land for $690,000 in 2015. Tab Corporation chooses to use the revaluation model. The

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Tab Corporation purchases land for $690,000 in 2015. Tab Corporation chooses to use the revaluation model. The fair values of the land are:

2015 – $740,000

2016 - $520,000

2017 – $600,000

Required

a) Do the journal entries to required for 2015, 2016 and 2017.

b) Cleary indicate the carrying amount of the land and list the balance in each revaluation account for 2015, 2016, and 2017.

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0176509736

10th Canadian Edition, Volume 1

Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,

See More Books

Posted Date: Apr 12, 2023 04:01 AM

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Tab Corporation purchases land for $690,000 in 2015. Tab Corporation chooses to use the revaluation model. The

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a Journal Entries 2015 Land 690000 Cash or Bank 690000 To re... View the full answer

Intermediate Accounting

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