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!!
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![**Oriole Company's Land Revaluation Exercise**
*Scenario:*
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.
*Task:*
Prepare the journal entries to record the land using revaluation accounting for 2022–2024.
*Instructions:* If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when an amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.
*Table for Journal Entries:*
- **Date**: [Dropdown menu for selection]
- **Account Titles and Explanation**: [Input field]
- **Debit**: [Input field]
- **Credit**: [Input field]
*(Table includes rows for entries, suggesting multiple entries might be needed for different dates within the 2022–2024 period.)*
This example illustrates how fluctuations in fair value affect financial records and emphasizes the importance of accurate revaluation in accounting practices.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F98d171d6-398e-4ee3-97be-b821047cbe34%2F1baf5c8d-f45f-4536-8736-8283abef30e4%2Foqvvnpd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:**Oriole Company's Land Revaluation Exercise**
*Scenario:*
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.
*Task:*
Prepare the journal entries to record the land using revaluation accounting for 2022–2024.
*Instructions:* If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when an amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.
*Table for Journal Entries:*
- **Date**: [Dropdown menu for selection]
- **Account Titles and Explanation**: [Input field]
- **Debit**: [Input field]
- **Credit**: [Input field]
*(Table includes rows for entries, suggesting multiple entries might be needed for different dates within the 2022–2024 period.)*
This example illustrates how fluctuations in fair value affect financial records and emphasizes the importance of accurate revaluation in accounting practices.
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