PT Silver King uses a revaluation model for one class of equipment it uses for its gold cane production business. This tool was purchased on January 2, 2021 for $500,000 and has a useful life of 10 years with no salvage value. PT Silver King has the following information related to this instrument (assuming that the useful life and salvage value of the instrument does not change during the period of information presented below). Dates Fair Value $500,000 2 January 2021 31 December 2021 $468,000 31 December 2022 $380,000 31 December 2023 $355,000 Instructions: a. Prepare the required entries on December 31, 2021, 2022, and 2023 if the company uses: 1. Cost model; and 2. Revaluation model

PT Silver King uses a revaluation model for one class of equipment it uses for its gold cane production business. This tool was purchased on January 2, 2021 for $500,000 and has a useful life of 10 years with no salvage value. PT Silver King has the following information related to this instrument (assuming that the useful life and salvage value of the instrument does not change during the period of information presented below). Dates Fair Value $500,000 2 January 2021 31 December 2021 $468,000 31 December 2022 $380,000 31 December 2023 $355,000 Instructions: a. Prepare the required entries on December 31, 2021, 2022, and 2023 if the company uses: 1. Cost model; and 2. Revaluation model

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Description: PT Silver King uses a revaluation model for one class of equipment it uses for its gold cane productionbusiness. This tool was purchased on January 2, 2021 for $500,000 and has a useful life of 10 yearswith no salvage value. PT Silver King has the f

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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