Garrett Corporation paid $200,000 to acquire land, buildings, and equipment. At the time of acquisition, Garrett paid $20,000 for an appraisal, which revealed the following values: land, $100,000; buildings, $125,000; and equipment, $25,000.Required:1. What cost should the company assign to the land, buildings, and equipment, respectively?2. Assume that Garrett uses IFRS and chooses to use the revaluation model to value its property, plant, and equipment. At the end of the year, the book value of the land, buildings, and equipment are $88,000, $104,000, and $18,000, respectively. The company determines that the fair value of the land, buildings, and equipment at the end of year is $110,000, $106,000, and $15,000, respectively. Prepare the journal entries that Garrett should make to value its property, plant, and equipment.
Answers: 3
Business, 21.06.2019 22:30
True or false: banks are required to make electronically deposited funds available on the same day of the deposit
Answers: 2
Business, 22.06.2019 20:00
Experienced problem solvers always consider both the value and units of their answer to a problem. why?
Answers: 3
Business, 23.06.2019 12:00
An increase in mexico’s demand for united states goods would cause the value of the dollar to
Answers: 1
Business, 23.06.2019 12:00
The "ideal" business, according to richard buskirk of the university of southern california: has many diverse employees.has a few, carefully selected employees.has many homogeneous employees.is a "one-man show".
Answers: 2
Garrett Corporation paid $200,000 to acquire land, buildings, and equipment. At the time of acquisit...
Mathematics, 26.05.2021 02:50
Mathematics, 26.05.2021 02:50
Chemistry, 26.05.2021 02:50
Mathematics, 26.05.2021 02:50
Mathematics, 26.05.2021 02:50
Mathematics, 26.05.2021 02:50
History, 26.05.2021 02:50
English, 26.05.2021 02:50
Mathematics, 26.05.2021 02:50
Computers and Technology, 26.05.2021 02:50