Bridgeport Ltd. purchased a building on January 1, 2021 for $14,640,000. Bridgeport accounted for this asset using the revaluation model and revalued the building every two years. The building was estimated to have a useful life of 30 years with no residual value, and Bridgeport used straight-line depreciation. On December 31, 2022, the building had a fair value of $13,832,000. On December 31, 2024, the building had a fair value of $12,599,000. Prepare the journal entries on the following dates on the books of Bridgeport Ltd. to revalue the building using the asset adjustment method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Round answer to 0 decimal places, eg 5,275. Record entries in the order presented in the problem) Date V Account Titles and Explanation (To eliminate Accumulated depreciation.) (To adjust building account to fair value.) (To eliminate Accumulated depreciation.) (To adjust building account to fair value.) Debit Credit

Bridgeport Ltd. purchased a building on January 1, 2021 for $14,640,000. Bridgeport accounted for this asset using the revaluation model and revalued the building every two years. The building was estimated to have a useful life of 30 years with no residual value, and Bridgeport used straight-line depreciation. On December 31, 2022, the building had a fair value of $13,832,000. On December 31, 2024, the building had a fair value of $12,599,000. Prepare the journal entries on the following dates on the books of Bridgeport Ltd. to revalue the building using the asset adjustment method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Round answer to 0 decimal places, eg 5,275. Record entries in the order presented in the problem) Date V Account Titles and Explanation (To eliminate Accumulated depreciation.) (To adjust building account to fair value.) (To eliminate Accumulated depreciation.) (To adjust building account to fair value.) Debit Credit

Name: Ef 362. Bridgeport Ltd. purchased a building on January 1, 2021 for $1
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Description: Ef 362. Bridgeport Ltd. purchased a building on January 1, 2021 for $14,640,000. Bridgeport accounted for this asset using the revaluationmodel and revalued the building every two years. The building was estimated to have a useful life of 30 years wi

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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