Q4. A building with a cost of $400 000 and accumulated depreciation of $190 000 is revalued to its fair value of $350 000 1. What are the journal entries? 2. What will be the journal entries if the building is revalued at 150,000?

Q4. A building with a cost of $400 000 and accumulated depreciation of $190 000 is revalued to its fair value of $350 000 1. What are the journal entries? 2. What will be the journal entries if the building is revalued at 150,000?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter18: Accounting For Long-term Assets

Section: Chapter Questions

Problem 2CE

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Q4. A building with a cost of $400 000 and accumulated depreciation of $190 000 is revalued to its fair value of $350 000
1. What are the journal entries?
2. What will be the journal entries if the building is revalued at 150,000?

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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