To obtain : The amount of gain on revaluation of asset. Given information: Original cost of equipment is €1,600,000. Fair value of equipment is €1,400,000. Accumulated depreciation is €500,000.

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Answer 1

Question

Chapter 12, Problem 12.11E

a.

To determine

To obtain: The amount of gain on revaluation of asset.

Given information:

Original cost of equipment is €1,600,000.

Fair value of equipment is €1,400,000.

Accumulated depreciation is €500,000.

b.

To determine

To obtain: Record of revaluation surplus or unrealized loss in the financial statements.

c.

To determine

To prepare: Journal entry to record the revaluation of asset.

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Please provide answer this general accounting and step by step calculation

Dillard Company starts the year with $10,000 in its cash account, $10,000 in its equipment account, $2,000 in accumulated depreciation, and $18,000 in its retained earnings account. During the year Dillard sells the equipment for $8,570. After the sale of equipment is recorded, the retained earnings account will have a balance of $_.

Variable costing balance sheet is?

Answer 2

Question

Chapter 12, Problem 12.11E

a.

To determine

To obtain: The amount of gain on revaluation of asset.

Given information:

Original cost of equipment is €1,600,000.

Fair value of equipment is €1,400,000.

Accumulated depreciation is €500,000.

b.

To determine

To obtain: Record of revaluation surplus or unrealized loss in the financial statements.

c.

To determine

To prepare: Journal entry to record the revaluation of asset.

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Answer 3

Question

Chapter 12, Problem 12.11E

a.

To determine

To obtain: The amount of gain on revaluation of asset.

Given information:

Original cost of equipment is €1,600,000.

Fair value of equipment is €1,400,000.

Accumulated depreciation is €500,000.

b.

To determine

To obtain: Record of revaluation surplus or unrealized loss in the financial statements.

c.

To determine

To prepare: Journal entry to record the revaluation of asset.

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Answer 4

Question

Chapter 12, Problem 12.11E

a.

To determine

To obtain: The amount of gain on revaluation of asset.

Given information:

Original cost of equipment is €1,600,000.

Fair value of equipment is €1,400,000.

Accumulated depreciation is €500,000.

b.

To determine

To obtain: Record of revaluation surplus or unrealized loss in the financial statements.

c.

To determine

To prepare: Journal entry to record the revaluation of asset.

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Answer 5

Chapter 12, Problem 12.11E

a.

To determine

To obtain: The amount of gain on revaluation of asset.

Given information:

Original cost of equipment is €1,600,000.

Fair value of equipment is €1,400,000.

Accumulated depreciation is €500,000.

b.

To determine

To obtain: Record of revaluation surplus or unrealized loss in the financial statements.

c.

To determine

To prepare: Journal entry to record the revaluation of asset.

Answer 6

Chapter 12, Problem 12.11E

a.

To determine

To obtain: The amount of gain on revaluation of asset.

Given information:

Original cost of equipment is €1,600,000.

Fair value of equipment is €1,400,000.

Accumulated depreciation is €500,000.

Answer 7

Chapter 12, Problem 12.11E

a.

To determine

To obtain: The amount of gain on revaluation of asset.

Given information:

Original cost of equipment is €1,600,000.

Fair value of equipment is €1,400,000.

Accumulated depreciation is €500,000.

Answer 8

b.

To determine

To obtain: Record of revaluation surplus or unrealized loss in the financial statements.

Answer 9

b.

To determine

To obtain: Record of revaluation surplus or unrealized loss in the financial statements.

Answer 10

c.

To determine

To prepare: Journal entry to record the revaluation of asset.

Answer 11

c.

To determine

To prepare: Journal entry to record the revaluation of asset.

Answer 12

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Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

Ch. 12 - Prob. 12.1Q Ch. 12 - Can firms group all property, plant, and equipment...Ch. 12 - Prob. 12.3Q Ch. 12 - Prob. 12.4Q Ch. 12 - Do firms follow the same steps for impairment...Ch. 12 - Prob. 12.6Q Ch. 12 - Prob. 12.7Q Ch. 12 - Prob. 12.8Q Ch. 12 - Under IFRS, if a firm recovers an impairment loss...Ch. 12 - Under IFRS, when do firms test plant assets and...

To obtain : The amount of gain on revaluation of asset. Given information: Original cost of equipment is €1,600,000. Fair value of equipment is €1,400,000. Accumulated depreciation is €500,000.

Solution Summary: The author calculates the amount of gain on revaluation of assets by deducting the carrying cost of asset from the sale proceeds.

To obtain: The amount of gain on revaluation of asset.

Given information:

Original cost of equipment is €1,600,000.

Fair value of equipment is €1,400,000.

Accumulated depreciation is €500,000.

To obtain: Record of revaluation surplus or unrealized loss in the financial statements.

To prepare: Journal entry to record the revaluation of asset.

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Chapter 12 Solutions

To obtain : The amount of gain on revaluation of asset. Given information: Original cost of equipment is €1,600,000. Fair value of equipment is €1,400,000. Accumulated depreciation is €500,000.

Solution Summary: The author calculates the amount of gain on revaluation of assets by deducting the carrying cost of asset from the sale proceeds.

To obtain: The amount of gain on revaluation of asset. Given information: Original cost of equipment is €1,600,000. Fair value of equipment is €1,400,000. Accumulated depreciation is €500,000.

To obtain: Record of revaluation surplus or unrealized loss in the financial statements.

To prepare: Journal entry to record the revaluation of asset.

Want to see the full answer?

Chapter 12 Solutions

To obtain: The amount of gain on revaluation of asset.

Given information:

Original cost of equipment is €1,600,000.

Fair value of equipment is €1,400,000.

Accumulated depreciation is €500,000.