Assume that jk Company has adopted the revaluation model for its property, plant, and equipment. Costs and fair values are as follows:

Assume that jk Company has adopted the revaluation model for its property, plant, and equipment. Costs and fair values are as follows:

land cost 900000  buildings cost 735000

fair value at the end of year 1 land: 1100000 building: 500000

fair value at the end of year 2 land: 1200000 building: 1000000

fair value at the end of year 3 land: 1200000 building: 720000

Please do all journal entries to recognize the fair values of land and building at the end of Year1, Year2, and Year3

Order the answer to view it

Assignment Solutions
Assignment Solutions