Reference no: EM132844116
Question - A partial statement of financial position of Sunland Ltd. on December 31, 2016, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2016):
Building $299,000
Less: accumulated depreciation 96,000 $203,000
Equipment $135,000
Less: accumulated depreciation 62,000 73,000
Sunland uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment (remaining useful life of 8 years, no residual value). Sunland applies IFRS and has decided to adopt the revaluation model for its building and equipment, effective December 31, 2016. On this date, an independent appraiser assessed the fair value of the building to be $150,000 and that of the equipment to be $96,000.
Prepare the necessary general journal entries, if any, to revalue the building and the equipment as at December 31, 2016, using the asset adjustment method.
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