The Salient company uses the revaluation model for its building. It acquired a building on January 1, 2018 for $450,000 cash. The useful life is 25 years and the residual value is $50,000. On December 31, 2019 and December 31, 2021, the fair value of the building was assessed at $422,000 and $380,000, respectively.   Required- Prepare all the journal entries from January 1, 2018 to December 31, 2021. Determine the balance of the Accumulated Other Comprehensive Income (AOCI) account on December 31, 2019 and December 31, 2021, and specify whether it is a debit or a credit balance.

Q: esidual value. The asset is accounted for under t ut every three years. On December 31, 2025, th air…

A: Journal entries :A Journal Entry is a record of the business transactions in the accounting books of…

Q: Kansas Enterprises purchased equipment for $79,500 on January 1, 2021. The equipment is expected to…

A: The depreciation expense under the straight-line method is computed by subtracting the residual…

Q: At the beginning of 2019, Robotics Inc. acquired a manufacturing facility for $13.0 million. $10.0…

A: Depreciation means reduction in value of fixed assets over the period of time. Under straight line…

Q: Parnell Company acquired construction equipment on January 1, 2020, at a cost of $77,400. The…

A: Given information:

Q: At the beginning of 2019, Robotics Inc. acquired a manufacturing facility for $13.3 million. $10.3…

A: Depreciation means reduction in value of fixed assets over the period of time. Under straight line…

Q: Credit Corp Ltd. purchases a building on July 1, 2019, for $500,000. The building is expected to…

A: The activities relating to the building from July 1,2019 to june 30,2023 fallow below statement:…

Q: On April 1, 2019, Coronado Industries purchased new machinery for $453000. The machinery has an…

A: The depreciation expense is charged on fixed assets as reduction in value of fixed assets with the…

Q: Rayya Company purchases a machine for $100,800 on January 1, 2021. Straight line depreciation is…

A: Journal entries are the official records of financial transactions conducted by a firm or an…

Q: Queen Elizabeth Company purchased equipment at the beginning of 2019 for $850,000. At the time of…

A: The Depreciation expense is charged on fixed assets as reduction in the value of the fixed assets…

Q: Gina Corporation purchases new office equipment for $2,500,000 on January 1, 2020. Gina estimates…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: On October 1, 2021, the Allegheny Corporation purchased equipment for $115,000. The estimated…

A: Depreciation is a way to reduce the cost of asset over a period of time due to usage, wear &…

Q: please need help with must must explanation , narrations , computation for each entry and for each…

A: Question 2: Lease Classification and Accounting for B Ltd.(a) Lease Classification by B-Ltd…

Q: On January 1", 2019, ABC Inc. purchased a copper mine for $400,000. The company is required by…

A: IFRS requires the present value of future restoration to be recognized in the cost of land at…

Q: Munn Inc. has transactions and other information relating to intangible assets as follows. 1. Munn…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: On January 1, 2022, Martinez Corporation acquires a building at a cost of $195,000. The building is…

A: Commercial organizations used journal entries to record their financial transactions in their…

Q: On January 1, 2021, Morrow Inc. purchased a spooler at a cost of $40,000. The equipment is expected…

A: Depreciation expense per unit  = (Cost- residual value)/Total expected units to produce

Q: On October 1, 2021, Hess Company places a new asset into service. The cost of the asset is $120,000…

A: Depreciation expense: Depreciation expense is the reduction in a particular asset due to its use or…

Q: Please answer the following question: Beaver Construction purchases new equipment for $45,360 cash…

A: DEPRECIATION EXPENSE Depreciation means gradual decrease in the value of an asset due to normal wear…

Q: On January 1, 2021, Blizzards-R-Us purchased a snow-blowing machine for $85,000. The machine was…

A: Depreciation is considered an expense charge on the value of the Asset. It can be calculated by…

Q: Crane Company purchases an oil tanker depot on January 1, 2020, at a cost of $639,700. Crane expects…

A: Machine or fixed assets means the asset which is used by company for many years to come for the…

Q: Counselors of Atlanta purchased equipment on January ​1, 2023​, for $20,000. Counselors of Atlanta…

A: Introduction Straight line method: It is the method of charging depreciation evenly throughout the…

Q: Current Attempt in Progress On January 1, 2022, Flounder Corporation acquires a building at a cost…

A: Commercial organizations used journal entries to record their financial transactions in their…

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.