Windsor Assets Inc., a publicly listed company, has a building with an initial cost of $425,000....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Windsor Assets Inc., a publicly listed company, has a building with an initial cost of $425,000. At December 31, 2020, the date of revaluation, accumulated depreciation amounted to $116,000. The fair value of the building, by comparing it with transactions involving similar assets, is assessed to be $339,900. On January 5, 2021, Windsor sold the building for $334,900 cash. Prepare the journal entries to record the sale of the building after having used the cost model. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 5 eTextbook and Media List of Accounts Debit Credit Prepare the journal entries to record the sale of the building after having used the revaluation model using the asset adjustment method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 5 Debit Credit Prepare the journal entries to record the sale of the building after having used the revaluation model using the proportionate method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Do not round intermediate calculations. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Jan. 5 Debit Credit Windsor Assets Inc., a publicly listed company, has a building with an initial cost of $425,000. At December 31, 2020, the date of revaluation, accumulated depreciation amounted to $116,000. The fair value of the building, by comparing it with transactions involving similar assets, is assessed to be $339,900. On January 5, 2021, Windsor sold the building for $334,900 cash. Prepare the journal entries to record the sale of the building after having used the cost model. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 5 eTextbook and Media List of Accounts Debit Credit Prepare the journal entries to record the sale of the building after having used the revaluation model using the asset adjustment method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 5 Debit Credit Prepare the journal entries to record the sale of the building after having used the revaluation model using the proportionate method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Do not round intermediate calculations. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Jan. 5 Debit Credit
Expert Answer:
Related Book For
Intermediate Accounting Volume 1
ISBN: 978-1119496496
12th Canadian edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
Posted Date:
Students also viewed these accounting questions
-
In the Nitella cytoplasmic streaming experiment, you will work with a stock solution of 20 M FCCP that was dissolved in 2% DMSO. What will be the approximate final concentration of FCCP when you add...
-
At December 31, 2014, Twin Rivers Company had 450,000 shares of common stock issued and outstanding, 350,000 of which had been issued and outstanding throughout the year and 100,000 of which were...
-
Analyze the liquidity of BooZara, a dog food manufacturer, using the current ratio, inventory turnover ratio, and accounts receivable turnover ratio. All data are in millions Cash = $ 961 Average net...
-
Alpha Corp. (a spinoff of Alpha Beta) makes Product X, which is composed of two Part Ys. Complete the following MRP matrices for X and Y, and construct a planned order report. When are orders placed...
-
Consider these three animals: A. Dog, B. Horse, C. Elephant. Rank them, from highest to lowest, for their a. Surface areas. b. Masses. c. Weights. d. Volumes. e. Surface area per weight.
-
Based on the case, provide examples for Tesla of at least four strategically required organizational outcomes, and four required workforce competencies and behaviors.
-
The John Gore Organization owns and operates the Charles Playhouse, a theater in Boston, Massachusetts. Evelyn Castillo has diabetes, a disability under the Americans with Disabilities Act (ADA)....
-
After reading an article about activity-based costing in a trade journal for the furniture industry, Santana Rey wondered if it was time to critically analyze overhead costs at Business Solutions. In...
-
Convert the following Conceptual Model to Relational Model. STUDENT *student_id student_name student_address fills SEAT *seat_no seat position K takes COURSE *course_name *course_number has CLASS...
-
Fiske Corporation manufactures a popular regional brand of kitchen utensils. The design and variety have been fairly constant over the last three years. The managers at Fiske are planning for some...
-
Checking our knowledge Balance the redox reactions by using the half reaction method: 1. Fe2+ + Cr -> Fe + Cr3+ 2. 0- +F -> O + F-
-
Consider the following investment opportunity. Use the below information to answer the next 3 questions. Upfront investment: $1.800.000 Salvage value: $200,000 Pre-Tax Operating Cash Flow: $600,000...
-
On January 1, 2022, Sein Company issued $300,000, 8%, 7 year bonds, interest payable semiannually on June 30 and December 31. The market rate of interest was 6%, and the bonds were issued for...
-
How to calculate fair value of goodwill when total goodwill is $500,00?
-
Assume that USCO also had $1 Million of Country Y active foreign source income which incurs a 12% Country Y tax rate. USCO: Group of answer choices Will have a foreign tax credit of $420,000. Will...
-
Aaron transferred property with a basis of $50,000 and a fair market value of $75,000 plus services worth $25,000 to BK Corporation for stock of BK valued at $100,000. Immediately after the exchange,...
-
write a program in JAVA that simulates a bookstore database. You will need to write 3 classes Media.java (an abstract class) Book.java (subclass of Media.java) TwiceSoldTales.java (bookstore) Also,...
-
Explain briefly what is meant by electronic data interchange (EDI). How does EDI affect a companys audit trail?
-
What are the major objectives of financial reporting?Who are the users of financial reporting?What type of information will each user group need?Explain with an example.
-
The following are transactions between Wang Corp., the consignor, and Ren Stores Ltd., the consignee, for the month of June 2020. Wang uses a perpetual inventory system and has a separate perpetual...
-
Lydia Trottier has prepared baked goods for sale since 1998. She started a baking business in her home and has been operating in a rented building with a storefront since 2003. Trottier incorporated...
-
Powerhouse Ltd purchased machinery on 2 January 2019, at a cost of $800 000. The machinery is depreciated using the straightline method over a useful life of 8 years with a residual value of $80 000....
-
The purchases and sales of Big Flower Pty Ltd of one brand of lawn fertiliser for the year ended 31 December 2019 are contained in the schedule below. The selling price up to 30 June was $12 per unit...
-
In groups of four or five, consider the following information. On 1 July 2019, Stevenson Pty Ltd, a proprietary company with three shareholders, acquired some property by issuing 100 000 shares to...
Study smarter with the SolutionInn App