User Account

All Pages

Prepare the journal entries required to revalue the assets

Assignment Help Accounting Basics
Reference no: EM132623545

Revaluation adjustments and reversals

The following data from Gordon Ltd's accounts relates to two assets at 30 June 2022.

                                             Asset Value                 Accumulated depreciation                  Carrying amount

Land                                       $ 2,640,000                      $ -                                      $ 2,640,000

Plant and Equipment                    $ 330,000                    $ 66,000                                  $ 264,000

At 30 June 2022, Gordon Ltd decides to adopt the revaluation model for both these assets.On this date land has a fair value of $2475000 and plant and equipment has a fair valueof $363000. On 30 June 2023, Gordon Ltd reviews the value of its assets. The fair value ofland is reassessed as $2557500. Plant and equipment has no change in value on that date.

Required

Problem 1: Prepare the journal entries required to revalue the assets for the year ended 30 June 2022 and the 30 June 2023.

Reference no: EM132623545

Questions Cloud

Write about a place that has shaped your identity : Write about a place that has shaped your identity, focusing on its distinct characteristics and a few of the most defining experiences at that place.
What are the three types of financial management decision : What are the three types of financial management decision? What is the difference between a primary market and a secondary market?
Analyze the financial statements of a firm : 1) How would you analyze the financial statements of a firm? Explain each step thoroughly.
Aggressive approach of operating current assets : Explain in detail the relatively aggressive approach of operating current assets financing policies
Prepare the journal entries required to revalue the assets : Revaluation adjustments and reversals, Prepare the journal entries required to revalue the assets for the year ended 30 June 2022 and the 30 June 2023.
Signaling theory of dividend policy : b) How signaling theory of capital structure is different from the signaling theory of dividend policy
Describe use of electronic health records in patient care : For this Assignment you will discuss your experience using a Web-based EHR. You will design and construct a Microsoft PowerPoint presentation that will be.
Field of health services administration : Create a list of three best practices to follow in the field of health services administration.
Aggressive approach of operating current assets : Explain in detail the relatively aggressive approach of operating current assets financing policies.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Correlational versus experimental research

Using four credible sources, conduct research on correlational and experimental research designs. Some of the keywords that you can use to find the relevant information are "correlational versus experimental research" or "correlational studies" an..

  Discuss the entry to record the purchase of the equipment

The entry to record the purchase of the equipment would include

  What is your understanding of sustainability

What is your understanding of sustainability when applied to a business? What are examples of business sustainability that you are aware of?

  Determining the federal income taxes

A Yankelovich, Skelly, and White poll taken in the fall of 1984 showed that one-fifth of the 2,207 people surveyed admitted to having cheated on their federal income taxes. Do you think that this fraction is close to the actual proportion who chea..

  Great plains transportation inc is considering acquiring

great plains transportation inc. is considering acquiring equipment at a cost of 246000. the equipment has an estimated

  What is the comers tax liability

What is the Comers' tax liability for 2018 if they report the following capital gains and losses for the year?Short-term capital gains -$9,140.

  How much should keith bowie deposit today

Keith Bowie is trying to determine the amount to set aside so that he will have enough money on hand in 2 years to overhaul the engine on his vintage used car.

  Mgt445 organizational negotiations assignment problem

MGT445 Organizational Negotiations assignment help and solutions, University of Phoenix - Prepare a 1,050- to 1,400-word paper describing a negotiation.

  Prepare the journal entry to record the stock split

Prepare the journal entry to record the stock split if it is not to be effected in the form of a stock dividend. What is the par per share after the split

  The capital asset pricing model is a financial model that

the capital asset pricing model is a financial model that assumes returns on a portfolio are normally distributed.

  What is the roe and roa

The following data apply to A.L. Kaiser & Company (millions of dollars): Cash and marketable securities $100.00 Fixed assets $283.50 Sales $1,000.00.

  Prepare a tabular analysis of the august transactions

Prepare a tabular analysis of the August transactions beginning with July 31 balances. Collected $1,500 of accounts receivable due from customers

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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