Answer the following question: Chase Stokes Company purchases land and decides to use the revaluation model to account for land. The company has a December 31 year end and follows ASPE. May 1, Yr 1 Acquisition $960,000 Dec 31, Yr 1 Fair Value $960,000 Dec 31, Yr 2 Fair Value $1,300,000 Dec 31, Yr 3 Fair Value $1,300,000 Dec 31, Yr 4 Fair Value $1,000,000 Dec 31, Yr 5 Fair Value $860,000 Dec 31, Yr 6 Fair Value $1,000,000 Provide all the entries using the revaluation method. please give answer with everything
Answer the following question: Chase Stokes Company purchases land and decides to use the revaluation model to account for land. The company has a December 31 year end and follows ASPE. May 1, Yr 1 Acquisition $960,000 Dec 31, Yr 1 Fair Value $960,000 Dec 31, Yr 2 Fair Value $1,300,000 Dec 31, Yr 3 Fair Value $1,300,000 Dec 31, Yr 4 Fair Value $1,000,000 Dec 31, Yr 5 Fair Value $860,000 Dec 31, Yr 6 Fair Value $1,000,000 Provide all the entries using the revaluation method. please give answer with everything
Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization
Section: Chapter Questions
Problem 62P
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Answer the following question:
Chase Stokes Company purchases land and decides to use the revaluation model to account for land. The company has a December 31 year end and follows ASPE.
May 1, Yr 1 Acquisition $960,000
Dec 31, Yr 1 Fair Value $960,000
Dec 31, Yr 2 Fair Value $1,300,000
Dec 31, Yr 3 Fair Value $1,300,000
Dec 31, Yr 4 Fair Value $1,000,000
Dec 31, Yr 5 Fair Value $860,000
Dec 31, Yr 6 Fair Value $1,000,000
Provide all the entries using the revaluation method.
please give answer with everything
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