9. Synergy Ltd. purchased a building in 2008 for €20,000,000 and as of December 31, 2014...
9. Synergy Ltd. purchased a building in 2008 for €20,000,000 and as of December 31, 2014 had recorded accumulated depreciation on the building of €6,000,000. On December 31, 2014, the company conducted its first revaluation when the fair value was €24,000,000. Under IAS 16, the journal entry recorded on this date would include:
A. a credit to Revaluation Surplus—Building for €10,000,000.
B. a debit to Revaluation Surplus—Building for €14,000,000.
C. a debit to Loss on Revaluation—Building for €14,000,000.
D. a credit to Loss on Revaluation—Building for €10,000,000.
Homework Answers
Add Answer to:
9. Synergy Ltd. purchased a building in 2008 for €20,000,000 and
as of December 31, 2014...
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...
A partial statement of financial position of Wildhorse Ltd. on December 31, 2019, showed the following...
A partial statement of financial position of Wildhorse 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): Buildings Less: accumulated depreciation Equipment Less: accumulated depreciation $326,000 126,000 $200,000 $125,000 45,000 80,000 Wildhorse uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment (remaining useful life of 8 years, no residual value). Wildhorse applies IFRS and...
Exercise 10-25 A partial statement of financial position of Sunland Ltd. on December 31, 2019, showed...
Exercise 10-25 A partial statement of financial position of Sunland 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): Buildings Less: accumulated depreciation Equipment Less: accumulated depreciation $346,000 146,000 $200,000 $127,000 47,000 80,000 Sunland uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment (remaining useful life of 8 years, no residual value). Sunland applies...
Here are the accounts available: Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation -...
Here are the accounts available:
Accounts Payable
Accounts Receivable
Accumulated Depreciation - Buildings
Accumulated Depreciation - Equipment
Accumulated Depreciation - Leasehold Improvements
Accumulated Depreciation - Machinery
Accumulated Depreciation - Vehicles
Advertising Expense
Asset Retirement Obligation
Buildings
Cash
Common Shares
Contributed Surplus
Contributed Surplus - Donated Capital
Cost of Goods Sold
Deferred Revenue - Government Grants
Depreciation Expense
Donation Revenue
Equipment
Finance Expense
Finance Revenue
Gain on Disposal of Building
Gain on Disposal of Equipment
Gain on Disposal of Machinery
Gain...
Suppose you have purchased land, a building, and some equipment. At the time of the acquisition,...
Suppose you have purchased land, a building, and some equipment. At the time of the acquisition, the land has a current fair value of $72,000, the building's fair value is $57,000, and the equipment's fair value is $12,000. Journalize the lump-sum purchase of the three assets for a total cost of $137,000. Assume you sign a note payable for this amount. Prepare the journal entry for the lump-sum purchase. (Record debits first, then credits. Explanations are not required. Round percentages...
Brief Exercise 10-19 Skysong Assets Inc., a publicly listed company, has a building with an initial...
Brief Exercise 10-19 Skysong Assets Inc., a publicly listed company, has a building with an initial cost of $403,000. At December 31, 2020, the date of revaluation, accumulated depreciation amounted to $99,000. The fair value of the building, by comparing it with transactions involving similar assets, is assessed to be $334,400. On January 5, 2021, Skysong sold the building for $329,400 cash. Prepare the journal entries to record the sale of the building after having used the cost model. (Credit...
b. prepare entry(ies) that parnell would make on the december 31, 2018 conversion worksheet to conver...
b. prepare entry(ies) that parnell would make on the december
31, 2018 conversion worksheet to conver us gaap balances to
ifrs.
on
able to figure out. I keep getting for 2017 $47020 and 2018 $53275
which = $6255 but i know its wrong. please help
Parnell Company acquired construction equipment on January 1, 2017, at a cost of $71.700. The equipment was expected to have a useful life of five years and a residual value of $10,000 and is being...
Oriole Ltd. purchased an electric wax melter on April 30, 2020, by trading in its old...
Oriole Ltd. purchased an electric wax melter on April 30, 2020, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase: List price of new melter Cash paid Cost of old melter (5-year life, $620 residual value) Accumulated depreciation on old melter (straight-line) Market value of old melter in active secondary market $15,600 10,600 12,620 7,200 5,900 Assuming that Oriole's fiscal year ends on December 31 and depreciation has been...
Petersen Ltd has the following land and building in its financial statements as at 30 June...
Petersen Ltd has the following land and building in its financial statements as at 30 June 2018: Residential land, at cost 1 000 000 Factory land, at valuation (2016) 900 000 Buildings, at valuation (2016) 800 000 Accumulated depreciation (100 000) At 30 June 2018, the balance of the revaluation surplus is $400 000, of which $300 000 relates to the factory land and $100 000 to the buildings. On this same date, independent valuations of the land and building...
Tuur answer is partially correct. Culver Corporation purchased a delivery truck in early January 2016. The truck cos...
Tuur answer is partially correct. Culver Corporation purchased a delivery truck in early January 2016. The truck cost $93,600, and was to be depreciated over 8 years, assuming no residual valu Culver decided to account for this truck using the revaluation model, with the truck to be revalued every two years. The truck's fair value at the end of 2018 was $75,600. Prepare the journal entries to revalue the truck on December 31, 2018 assuming Culver uses the asset adjustment...
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...
A partial statement of financial position of Wildhorse 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): Buildings Less: accumulated depreciation Equipment Less: accumulated depreciation $326,000 126,000 $200,000 $125,000 45,000 80,000 Wildhorse uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment (remaining useful life of 8 years, no residual value). Wildhorse applies IFRS and...
Exercise 10-25 A partial statement of financial position of Sunland 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): Buildings Less: accumulated depreciation Equipment Less: accumulated depreciation $346,000 146,000 $200,000 $127,000 47,000 80,000 Sunland uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment (remaining useful life of 8 years, no residual value). Sunland applies...
Here are the accounts available:
Accounts Payable
Accounts Receivable
Accumulated Depreciation - Buildings
Accumulated Depreciation - Equipment
Accumulated Depreciation - Leasehold Improvements
Accumulated Depreciation - Machinery
Accumulated Depreciation - Vehicles
Advertising Expense
Asset Retirement Obligation
Buildings
Cash
Common Shares
Contributed Surplus
Contributed Surplus - Donated Capital
Cost of Goods Sold
Deferred Revenue - Government Grants
Depreciation Expense
Donation Revenue
Equipment
Finance Expense
Finance Revenue
Gain on Disposal of Building
Gain on Disposal of Equipment
Gain on Disposal of Machinery
Gain...
Suppose you have purchased land, a building, and some equipment. At the time of the acquisition, the land has a current fair value of $72,000, the building's fair value is $57,000, and the equipment's fair value is $12,000. Journalize the lump-sum purchase of the three assets for a total cost of $137,000. Assume you sign a note payable for this amount. Prepare the journal entry for the lump-sum purchase. (Record debits first, then credits. Explanations are not required. Round percentages...
Brief Exercise 10-19 Skysong Assets Inc., a publicly listed company, has a building with an initial cost of $403,000. At December 31, 2020, the date of revaluation, accumulated depreciation amounted to $99,000. The fair value of the building, by comparing it with transactions involving similar assets, is assessed to be $334,400. On January 5, 2021, Skysong sold the building for $329,400 cash. Prepare the journal entries to record the sale of the building after having used the cost model. (Credit...
b. prepare entry(ies) that parnell would make on the december
31, 2018 conversion worksheet to conver us gaap balances to
ifrs.
on
able to figure out. I keep getting for 2017 $47020 and 2018 $53275
which = $6255 but i know its wrong. please help
Parnell Company acquired construction equipment on January 1, 2017, at a cost of $71.700. The equipment was expected to have a useful life of five years and a residual value of $10,000 and is being...
Oriole Ltd. purchased an electric wax melter on April 30, 2020, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase: List price of new melter Cash paid Cost of old melter (5-year life, $620 residual value) Accumulated depreciation on old melter (straight-line) Market value of old melter in active secondary market $15,600 10,600 12,620 7,200 5,900 Assuming that Oriole's fiscal year ends on December 31 and depreciation has been...
Tuur answer is partially correct. Culver Corporation purchased a delivery truck in early January 2016. The truck cost $93,600, and was to be depreciated over 8 years, assuming no residual valu Culver decided to account for this truck using the revaluation model, with the truck to be revalued every two years. The truck's fair value at the end of 2018 was $75,600. Prepare the journal entries to revalue the truck on December 31, 2018 assuming Culver uses the asset adjustment...
Most questions answered within 3 hours.
-
Rachel is pushing a box across the floor while Jon, at the same
time, is hoping...
asked 8 minutes ago -
According to the Situational Leadership Model, which of the
following development levels works with a supporting...
asked 11 minutes ago -
The Acme Trucking company has hired you to write software to
help dispatch its trucks. One...
asked 10 minutes ago -
Write a script that uses four separate for loops to output the
following:
1 2 3...
asked 12 minutes ago -
An instructor who taught two sections of engineering statistics
last term, the first with 20 students...
asked 53 minutes ago -
A class consists of 15 boys and 12 girls. They want to elect
officers so that...
asked 42 minutes ago -
The mean number of words per minute (WPM) typed by a speed
typist is 79 with...
asked 29 minutes ago -
Write a program with a function named isEqualArr that accepts a
pair of arrays of integers...
asked 52 minutes ago -
It is now flu season at Patch-Em-Up emergency health services.
Accordingly, the demand rate at the...
asked 26 minutes ago -
Which of the following atoms should have the greatest
polarizability?
A) F
B) Br
C) Po...
asked 49 minutes ago -
Define/Describe
1. total factor productivity
2. Solow residual
asked 28 minutes ago -
Consider the reaction below at 850
K: 2SO 2 (g)+O 2 (g)⇌2SO 3 ...
asked 46 minutes ago