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Prepare journal entries to record the sale of the buildig

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Question - Larkspur Assets Inc., a publicly listed company, has a building with an initial cost of $373,000. At December 31, 2020, the date of revaluation, accumulated depreciation amounted to $117,000. The fair value of the building, by comparing it with transactions involving similar assets, is assessed to be $281,600. On January 5, 2021, Larkspur sold the building for $276,600 cash.

Required -

Prepare the journal entries to record the sale of the building after having used the cost model.

Prepare the journal entries to record the sale of the building after having used the revaluation model using the asset adjustment method.

Prepare the journal entries to record the sale of the building after having used the revaluation model using the proportionate method.

Reference no: EM132571697

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