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Tunisia Inc. owns assets to which it applies the revaluation model (asset-adjustment method). The following additional...
Introduction
Tunisia Inc. owns assets to which it applies the revaluation model (asset-adjustment method). The following additional information is available:1. Accumulated Depreciation at December 31, 2021, (prior to any fair value adjustments) was $12,000.2. Between December 31, 2020, and December 31, 2021, the property's fair value had increased by $30,000.3. The December 31, 2021, balance in the revaluation surplus account (prior to any fair value adjustments) was $2,000.The adjusted December 31, 2021, in the revaluation surplus account will be$28,000.$32,000.$30,000.$0.
Introduction
Tunisia Inc. owns assets to which it applies the revaluation model (asset-adjustment method). The following additional information is available:1. Accumulated Depreciation at December 31, 2021, (prior to any fair value adjustments) was $12,000.2. Between December 31, 2020, and December 31, 2021, the property's fair value had increased by $30,000.3. The December 31, 2021, balance in the revaluation surplus account (prior to any fair value adjustments) was $2,000.The adjusted December 31, 2021, in the revaluation surplus account will be$28,000.$32,000.$30,000.$0.
Brambie Manufacturers Inc., a publicly listed company, has two machines that are accounted for under the...
Brambie Manufacturers Inc., a publicly listed company, has two
machines that are accounted for under the revaluation model.
Technology in Brambie’s industry is fast-changing, causing the fair
value of each machine to change significantly approximately every
two years. The following information is available:
Machine #1
Machine #2
Acquisition date
Jan. 2, 2014
June 30, 2013
Original cost
$420,000
$588,000
Original estimate of useful life
8 years
12 years
Original estimate of residual value
–0–
–0–
Pattern of depreciation
Straight-line
Straight-line...
Stewart Enterprises has the following investments, all purchased prior to 2021: Stewart does not intend to...
Stewart Enterprises has the following investments, all purchased prior to 2021: Stewart does not intend to sell any of these investments and does not believe it is more likely than not that it will have to sell any of the bond investments before fair value recovers. Required: For each investment, Prepare the appropriate adjusting journal entries to account for each investment for 2021 and 2022. 1. Bee Company 5% bonds, purchased at face value, with an amortized cost of $4,080,000,...
Jones Inc. 6% bonds, purchased at face value, with an amortized cost of $3,950,000, and classified...
Jones Inc. 6% bonds, purchased at face value, with an amortized cost of $3,950,000, and classified as an available-for-sale investment. Because of unrealized losses prior to 2021, the Jones bonds have a fair value adjustment account with a credit balance of $550,000, such that the carrying value of the Jones Investment is $3,400,000 prior to making any adjusting entries In 2021. At December 31, 2021, the Jones Investment had a fair value of $2,850,000, and Stewart calculated that $300,000 of...
Stewart Enterprises has the following investments, all purchased prior to 2021: Stewart does not intend to...
Stewart Enterprises has the following investments, all purchased prior to 2021: Stewart does not intend to sell any of these investments and does not believe it is more likely than not that it will have to sell any of the bond investments before fair value recovers. Required: For each investment, Prepare the appropriate adjusting journal entries to account for each investment for 2021 and 2022. 1. Bee Company 6% bonds, purchased at face value, with an amortized cost of $4,360,000,...
[The following information applies to the questions displayed below.) The accounting records of Jamaican Importers, Inc.,...
[The following information applies to the questions displayed below.) The accounting records of Jamaican Importers, Inc., at January 1, 2021, included the following: Assets: Investment in IBM common shares Less: Fair value adjustment $2,095,000 (220.000) $1.875,000 No changes occurred during 2021 in the investment portfolio. Required: . Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was: $1,387,000 (If no entry required for a transaction/event, select "No journal entry required in the...
Current Attempt in Progress A partial statement of financial position of Ivanhoe Ltd. on December 31,...
Current Attempt in Progress A partial statement of financial position of Ivanhoe Ltd. on December 31, 2019, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2019): upport Buildings Less: accumulated depreciation Equipment Less: accumulated depreciation $337.000 137.000 $200,000 $125.000 45.000 80.000 Ivanhoe uses straight-line depreciation for its building remaining useful life of 20 years, no residual values and for its equipment remaining useful life of years.no residual value). Ivanhoe...
Jones Inc. 6% bonds, purchased at face value, with an amortized cost of $3,950,000, and classified...
Jones Inc. 6% bonds, purchased at face value, with an amortized cost of $3,950,000, and classified as an available-for-sale investment. Because of unrealized losses prior to 2021, the Jones bonds have a fair value adjustment account with a credit balance of $550,000, such that the carrying value of the Jones investment is $3,400,000 prior to making any adjusting entries in 2021. At December 31, 2021, the Jones investment had a fair value of $2,850,000, and Stewart calculated that $300,000 of...
Exercise 3-14A Prepare an adjusted trial balance (L03.3, 3.4) [The following information applies to the questions...
Exercise 3-14A Prepare an adjusted trial balance (L03.3, 3.4) [The following information applies to the questions displayed below) The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below. Credit Debit 5 8,200 13,200 5,040 2,200 Accounts Cash Accounts Receivable Prepaid Rent Supplies Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries Expense $ 1,200 10,000 4,200 39, 240 26,000 $54.640 $54,640 At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $5,040,...
Brambie Manufacturers Inc., a publicly listed company, has two
machines that are accounted for under the revaluation model.
Technology in Brambie’s industry is fast-changing, causing the fair
value of each machine to change significantly approximately every
two years. The following information is available:
Machine #1
Machine #2
Acquisition date
Jan. 2, 2014
June 30, 2013
Original cost
$420,000
$588,000
Original estimate of useful life
8 years
12 years
Original estimate of residual value
–0–
–0–
Pattern of depreciation
Straight-line
Straight-line...
Jones Inc. 6% bonds, purchased at face value, with an amortized cost of $3,950,000, and classified as an available-for-sale investment. Because of unrealized losses prior to 2021, the Jones bonds have a fair value adjustment account with a credit balance of $550,000, such that the carrying value of the Jones Investment is $3,400,000 prior to making any adjusting entries In 2021. At December 31, 2021, the Jones Investment had a fair value of $2,850,000, and Stewart calculated that $300,000 of...
Stewart Enterprises has the following investments, all purchased prior to 2021: Stewart does not intend to sell any of these investments and does not believe it is more likely than not that it will have to sell any of the bond investments before fair value recovers. Required: For each investment, Prepare the appropriate adjusting journal entries to account for each investment for 2021 and 2022. 1. Bee Company 6% bonds, purchased at face value, with an amortized cost of $4,360,000,...
[The following information applies to the questions displayed below.) The accounting records of Jamaican Importers, Inc., at January 1, 2021, included the following: Assets: Investment in IBM common shares Less: Fair value adjustment $2,095,000 (220.000) $1.875,000 No changes occurred during 2021 in the investment portfolio. Required: . Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was: $1,387,000 (If no entry required for a transaction/event, select "No journal entry required in the...
Current Attempt in Progress A partial statement of financial position of Ivanhoe Ltd. on December 31, 2019, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2019): upport Buildings Less: accumulated depreciation Equipment Less: accumulated depreciation $337.000 137.000 $200,000 $125.000 45.000 80.000 Ivanhoe uses straight-line depreciation for its building remaining useful life of 20 years, no residual values and for its equipment remaining useful life of years.no residual value). Ivanhoe...
Jones Inc. 6% bonds, purchased at face value, with an amortized cost of $3,950,000, and classified as an available-for-sale investment. Because of unrealized losses prior to 2021, the Jones bonds have a fair value adjustment account with a credit balance of $550,000, such that the carrying value of the Jones investment is $3,400,000 prior to making any adjusting entries in 2021. At December 31, 2021, the Jones investment had a fair value of $2,850,000, and Stewart calculated that $300,000 of...
Exercise 3-14A Prepare an adjusted trial balance (L03.3, 3.4) [The following information applies to the questions displayed below) The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below. Credit Debit 5 8,200 13,200 5,040 2,200 Accounts Cash Accounts Receivable Prepaid Rent Supplies Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries Expense $ 1,200 10,000 4,200 39, 240 26,000 $54.640 $54,640 At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $5,040,...
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