also has fixed assets, with a selected account listed below at December 31, 2019: Building Less: Accumulated Depreciatio 400,000 50,000 350,000 straight-line depreciation for its building (remaining useful life is 10 years, no res des to adopt the revaluation model for its building effective December 31, 2019. Or dent appraiser assessed the fair value of the building to be $365,000.| the journal entry required, if any, to revalue the building as at December 31, 2019. the journal entry to record depreciation expense for the year ended December 31,
also has fixed assets, with a selected account listed below at December 31, 2019: Building Less: Accumulated Depreciatio 400,000 50,000 350,000 straight-line depreciation for its building (remaining useful life is 10 years, no res des to adopt the revaluation model for its building effective December 31, 2019. Or dent appraiser assessed the fair value of the building to be $365,000.| the journal entry required, if any, to revalue the building as at December 31, 2019. the journal entry to record depreciation expense for the year ended December 31,
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please include all the calculations for my reference. Thanks!
Transcribed Image Text:Clarke Inc. also has fixed assets, with a selected account listed below at December 31, 2019:
Building
Less: Accumulated Depreciatio
400,000
50,000
350,000
|Clarke uses straight-line depreciation for its building (remaining useful life is 10 years, no residual value).
Clarke decides to adopt the revaluation model for its building effective December 31, 2019. On this date,
|an independent appraiser assessed the fair value of the building to be $365,000.
REQUIRED
a) Prepare the journal entry required, if any, to revalue the building as at December 31, 2019.
b) Prepare the journal entry to record depreciation expense for the year ended December 31, 2020 for the building.
a)
Date
Description
Dr
Cr
b)
Date
Description
Dr
Cr
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