Don't provide answers in image format Oriole Company purchased land in 2022 for $354,000. The land's fair value at the end of 2022 is $377,600; at the end of 2023,$330,400; and at the end of 2024, $359,900.Prepare the journal entries to record the land using revaluation accounting for 2022-2024. (If no entry is required, select "No entry" forthe account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indentmanually. Record journal entries in the order presented in the problem.)DateAccount Titles and ExplanationDebitCredit

Under revaluation accounting, the value of an asset is adjusted to its fair value at the end of each…

riole Company purchased land in 2022 for $354,000. The land's fair value at the end of 2022 is $377,600; at the end of 2023, 30,400; and at the end of 2024, $359,900. ournal land using in for 2033 2034 115 ..... "No stma!!

riole Company purchased land in 2022 for $354,000. The land's fair value at the end of 2022 is $377,600; at the end of 2023, 30,400; and at the end of 2024, $359,900. ournal land using in for 2033 2034 115 ..... "No stma!!

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter8: Property Transactions: Capital Gains And Losses, Section 1231 And Recapture Provisions

Section: Chapter Questions

Problem 38P

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Question

Don't provide answers in image format

Oriole Company purchased land in 2022 for $354,000. The land's fair value at the end of 2022 is $377,600; at the end of 2023,
$330,400; and at the end of 2024, $359,900.
Prepare the journal entries to record the land using revaluation accounting for 2022-2024. (If no entry is required, select "No entry" for
the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent
manually. Record journal entries in the order presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit

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