Question
In: Accounting
Jarvis Corporation owned a building with a book value of $109,000 at 12/31/24. The building had...
Jarvis Corporation owned a building with a book value of $109,000 at 12/31/24. The building had a 15-year remaining life and a revaluation surplus balance of $46,000 on that date. The company sold the building on 1/1/25 for $182,000. What is the effect of the sale on OCI per IFRS?
Select one:
a. $119,000
b. $182,000
c. $27,000
d. $46,000
e. $73,000
Solutions
Expert Solution
Book Value as on 31-12-24 = 109000
Revaluation surplus = 46000
Value of building as on 1-1-25 = 109000+46000 =155000
Selling price as on 1-1-25 = 182000
Profit on Sale on Other Comprehensive Income (OCI) =182000-155000 = 27000
ekkarill92 answered 2 years agoRelated Solutions
Jarvis Corporation owned a building with a book value of $109,000 at 12/31/24. The building had...
Jarvis Corporation owned a building with a book value of
$109,000 at 12/31/24. The building had a 15-year remaining life and
a Revaluation Surplus balance of $46,000 on that date. The company
sold the building on 1/1/25 for $182,000. What is the combined
effect of the sale and Revaluation Surplus adjustment on Total
Assets per IFRS?
Select one:
a. $109,000
b. $182,000
c. $27,000
d. $46,000
e. $73,000
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journal entry was made in 2025. The dividend was paid on 1/3/26;
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Straightarm Inc. is a calendar-year corporation. Its financial statements for the years ended 12/31/24 and 12/31/25...
Straightarm Inc. is a calendar-year corporation. Its financial
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2024
2025
Ending inventory
$15,000 understatement
$24,000 overstatement
Depreciation expense
$6,000 understatement
$12,000 understatement
Failed to record Unearned Revenue at 12/31/25: $7,000
Straigtharm declared a cash dividend of $11,000 on 12/31/25. No
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12/31/26 Total Stockholders’ Equity is in error by:
Select...
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depreciation at this date are as follows.
Machine
$1,794,000
Less: Accumulated depreciation
496,800
Book value
$1,297,200
Depreciation is computed at $82,800 per year on a straight-line
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complete the exchange which has commercial substance.
Required:
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2. Prepare the journal entry to record the
exchange.
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with a par value of $109,000 and semiannual interest
payments.
Semiannual Period-End
Unamortized Discount
Carrying Value
(0)
12/31/2017
$
6,180
$
102,820
(1)
6/30/2018
4,635
104,365
(2)
12/31/2018
3,090
105,910
(3)
6/30/2019
1,545
107,455
(4)
12/31/2019
0
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Use the above straight-line bond amortization table and prepare
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Required:
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A building with a book value of $54,000 is sold for $63,000 cash. Using the indirect...
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b. an increase of $54,000 from investing activities
c. an increase of $9,000 from investing activities
d. an increase of $54,000 from investing activities and an addition to net income of $9,000
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If George wants to avoid recognition of the gain, what is the
minimum amount he must pay for a new restaurant, and if he
purchases a new restaurant for 250,000 on...
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