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Prepare the compound entry to adjust the assets

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Reference no: EM132497083

Mongolia Inc. owns equipment that it purchased on January 1, 2021, for $ 4,000,000 million.

The following additional information is available:

Dec. 31, 2021 - Book value (after recording 2021 depreciation): $ 3,600,000

Dec. 31, 2021 - Fair value: $ 4,100,000

The company uses the revaluation model (asset adjustment method) to account for its property, plant, and equipment.

Required:

Question 1: Assuming the entry for the current year's depreciation has already been recorded, prepare the compound entry to adjust the asset's carrying amount to fair value.

 

Reference no: EM132497083

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