What is the revaluation surplus on December

Assignment Help Accounting Basics
Reference no: EM132764333

Question - On January 1, 2020, Contentiuos Company provided the following information related to the land and building:

Land 50,000,000

Building 450,000,000

Accumulated depreciation-building 75,000,000

There were no additions or disposals during the current year. Depreciation is computed using straight line over 15 years for building.

On June 30, 2020 the land and building were revalued.

Replacement Cost Sound value

Land 65,000,000 65,000,000

Building 600,000,000 480,000,000

Required -

1. What is the revaluation surplus on June 30, 2020?

2. What is the depreciation of the building for 2020?

3. What is the revaluation surplus on December 31, 2020?

Reference no: EM132764333

Questions Cloud

Washing their hands between patients : Clinical staff members are not washing their hands between patients.
Determine the yearly amount for the first four years : The truck has a 400,000 km life. The CFO wants you to the following analysis for depreciation determine the yearly amount for the first four years.
What is the net income for this firm : What is the net income for this firm? (Do not round your intermediate calculations and round your answer to the nearest whole number, e.g, 32).
Administrators are faced with variety of ethical issues : Health care providers, managers, and administrators are faced with a variety of ethical issues.
What is the revaluation surplus on December : Accumulated depreciation-building 75,000,000. What is the revaluation surplus on December 31, 2020? What is the depreciation of the building for 2020
Interest rates impact the reward-to-volatility : How would the increase in interest rates impact the Reward-to-Volatility (Sharpe) ratio?
Major innovation that changes the way we work and play : In your selection of what you think will be the next major innovation that changes the way we work and play,
Show an analysis showing the company should eliminate : Gator Corporation manufactures several types of accessories. Show an analysis showing the company should eliminate the gloves and mittens line.
Prepare a balance sheet at December : Listed below in random order are the items to be included in the balance sheet of Smokey Mountain Lodge at December 31, 2011. Prepare a balance sheet

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

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