Red Corp purchased land for $600,000 some years ago. Fair value was $800,000 at the beginning of this year and $350,000 at the end ofthis year.The entry to record this year's revaluation adjustment would include:O A Debit to Revaluation Surplus OCI of $200,000O ADebit to Revaluation Surplus OCI of $450,000O ADebit to Loss on Land revaluation of 450,000O A Credit to Land of $250 000

Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Red Corp purchased land for $600,000 some years ago. Fair value was $800,000 at the beginning of this year and $350,000 at the end of this year. The entry to record this year's revaluation adjustment would incude: O A Debit to Revaluation Surplus OCI of S200,000 O ADebit to Revaluation Surplus OCI of S450,000 O A Debit to Loss on Land revaluation of 450,000 O A Credit to Land of $250,000.

Red Corp purchased land for $600,000 some years ago. Fair value was $800,000 at the beginning of this year and $350,000 at the end of this year. The entry to record this year's revaluation adjustment would incude: O A Debit to Revaluation Surplus OCI of S200,000 O ADebit to Revaluation Surplus OCI of S450,000 O A Debit to Loss on Land revaluation of 450,000 O A Credit to Land of $250,000.

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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Oriole Company buys land for $121000 in 2021. As of 3/31/22, the land has appreciated in value to $127800. On 12/31/22, the land has an appraised value of $131100. By what amount should the Land account be increased in 2022? $0. $3300. $10100. $6800.
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