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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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