Use the information for Valued Assets Inc. from BE10-18. On January 5, 2018, Valued sold the building for $325,000 cash. Prepare the journal entries to record the sale of the building after having used
(a) The cost model,
(b) The revaluation model using the asset adjustment method, and
(c) The revaluation model using the proportionate method.
In BE10-18
Valued Assets Inc., a publicly listed company, has a building with an initial cost of $400,000. At December 31, 2017, the date of revaluation, accumulated depreciation amounted to $110,000. The fair value of the building, by comparing it with transactions involving similar assets, is assessed to be $330,000.