Discuss what will the journal entry be

Assignment Help Accounting Basics
Reference no: EM131787562

Yum-Yum applies the revaluation model to land. Other than the land recently purchased in Nanaimo, Yum-Yum owns land in two other locations. Their value was assessed as follows:

Dec. 31, 20X4

Dec. 31, 20X5

Kelowna $250,000

$275,000

Coquitlam 128,000

106,000

The land in Kelowna has a revaluation surplus of $50,000 and no balance in revaluation gain/loss. The land in Coquitlam was acquired in 20X3 at a cost of $120,000 and has been revalued to its December 31, 20X4, value. No adjustments have been recorded for the land

in 20X5.

What will the journal entry be?

Reference no: EM131787562

Questions Cloud

Counting problems can be solved by using permutations : Determine whether each of the following counting problems can be solved by using permutations or combinations, and answer each question.
Critical success factors for business teams : Critical success factors for business teams. What can be an example of this essay topic ?
Describe and analyse main causes of chiles economic growth : Describe and analyse the main causes of Chile's economic growth since 1982 to date. You may refer to the recommend reading list and also conduct your research.
Should comiskey fence co extend credit to the customers : Comiskey Fence Co. is evaluating the extension of credit to a new group of customers. Although these customers will provide $180,000 in additional credit sales.
Discuss what will the journal entry be : The land in Coquitlam was acquired in 20X3 at a cost of $120,000 and has been revalued to its December
Frequency for each of the scrum method : Determine the frequency for each of the following in the Scrum method:
Discuss the rationale for using the allowance method : On July 1, 2010, Wallace Company, Discuss the rationale for using the allowance method based on credit sales to estimate bad debts
Solved by using permutations or combinations : Determine whether each of the following counting problems can be solved by using permutations or combinations, and answer each question.
International management experts contend that globalization : Some international management experts contend that globalization and national responsiveness are completely opposed forces,

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd