Give me answer within an hour I will give you positive rating immediately its very urgent ........thankyou... On December 2, 1998, a piece of land worth$4,500,000 is acquired where there are somewarehouses. On April 12, 2000, a qualifiedexpert is hired to appraise the land, whodetermines that on that date its fair value is$6,900,000. On October 10, 2000, a chemicalindustry that generates a lot of polluting wastewas installed on nearby land, raising the levelof life risk in that area, for which the landlocated in this place lowered its sale price. Thecompany's management considers that theremay be an impairment of the value of saidland. According to studies carried out by a realestate brokerage firm as of 01-15-2001, the fairvalue less costs of sale of the land would be$3,500,000; the value in use could not bedetermined because the land does notgenerate cash inflows independent of thoseproduced by other assets of the company. OnApril 10, 2005, the land is sold for $2,100,000.What would be the entries for the purchase,revaluation, impairment and sale of the asset

2-Dec-1998 Land A/c Dr. 45,00,000…

Answered: What would be the entries for the…

Business

Accounting

What would be the entries for the purchase, evaluation, impairment and sale of the asset

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 2RP

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