Prepare all required journal entries for pia corporation

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Reference no: EM132805700

Pia Corporation owns a building that it had purchased on January 1, 2019 for $2,500,000 cash and is accounted for in a separate account. The company is using the revaluation model to account for its buildings and revalues them annually. Pia Corporation uses straight-line depreciation over the asset's 20-year useful life with no residual value. The asset's fair value was equal to its book value on Dec. 31, 2019, and was $2,300,000 on Dec. 31, 2020.

Required:

Problem 1: Assuming Pia Corporation uses the asset adjustment (elimination) method for revaluation, prepare all required journal entries for 2019 and 2020.

Reference no: EM132805700

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