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On 1 January 20X1, ABC company acquired a building with the total cost of CU 300 000. As of 31 December 20X1, the following information is available: Building's useful life is 30 years. Building's fair value at 31 December 20X1 is CU 310 000. What accounting entries shall ABC make with respect to this building in 20X1 under: Fair value model Revaluation model ● ● ●

On 1 January 20X1, ABC company acquired a building with the total cost of CU 300 000. As of 31 December 20X1, the following information is available: Building's useful life is 30 years. Building's fair value at 31 December 20X1 is CU 310 000. What accounting entries shall ABC make with respect to this building in 20X1 under: Fair value model Revaluation model ● ● ●

FINANCIAL ACCOUNTING
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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Ex6 Building and 2 models On 1 January 20X1, ABC company acquired a building with the total cost of CU 300 000. As of 31 December 20X1, the following information is available: Building's useful life is 30 years. Building's fair value at 31 December 20X1 is CU 310 000. What accounting entries shall ABC make with respect to this building in 20X1 under: Fair value model Revaluation model ● ●
Transcribed Image Text:Ex6 Building and 2 models On 1 January 20X1, ABC company acquired a building with the total cost of CU 300 000. As of 31 December 20X1, the following information is available: Building's useful life is 30 years. Building's fair value at 31 December 20X1 is CU 310 000. What accounting entries shall ABC make with respect to this building in 20X1 under: Fair value model Revaluation model ● ●
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