Homework Help is Here – Start Your Trial Now!
Business
Accounting
Johnathon Manufacturing Limited (JM) has made the decision to use the revaluation model for its land. ● ● JM purchased land on June 15th in 2014 for $8 million. At December 31, 2014, the land was valued at $11 million. At December 31, 2015, the land was valued at $10 million.

Johnathon Manufacturing Limited (JM) has made the decision to use the revaluation model for its land. ● ● JM purchased land on June 15th in 2014 for $8 million. At December 31, 2014, the land was valued at $11 million. At December 31, 2015, the land was valued at $10 million.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Ll.1.

 

Johnathon Manufacturing Limited (JM) has made the decision to use the revaluation model for its land. ● JM purchased land on June 15th in 2014 for $8 million. At December 31, 2014, the land was valued at $11 million. At December 31, 2015, the land was valued at $10 million. At December 31, 2016, the land was valued at $6 million, which was considered an impairment. ● ● Required: Provide journal entries to record the purchase of land and the revaluation of land at the end of each year. June 15th, 2014 Dec 31, 2014 Dec 31, 2015 Dec 31, 2016
Transcribed Image Text:Johnathon Manufacturing Limited (JM) has made the decision to use the revaluation model for its land. ● JM purchased land on June 15th in 2014 for $8 million. At December 31, 2014, the land was valued at $11 million. At December 31, 2015, the land was valued at $10 million. At December 31, 2016, the land was valued at $6 million, which was considered an impairment. ● ● Required: Provide journal entries to record the purchase of land and the revaluation of land at the end of each year. June 15th, 2014 Dec 31, 2014 Dec 31, 2015 Dec 31, 2016
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Intangible assets
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS