Question

Tamarisk Assets Inc., a publicly listed company, has a building with an initial cost of $433,000. At December 31, 2020, the date of revaluation, accumulated depreciation amounted to $119,000. The fair value of the building, by comparing it with transactions involving similar assets, is assessed to be $345,400. On January 5, 2021, Tamarisk sold the building for $340,400 cash.

Prepare the journal entries to record the sale of the building after having used the cost model. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 5	enter an account title for the journal entry on January 5	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on January 5	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on January 5	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on January 5	enter a debit amount	enter a credit amount

Show List of Accounts

Link to Text

Link to Text

Prepare the journal entries to record the sale of the building after having used the revaluation model using the asset adjustment method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 5	enter an account title for the journal entry on January 5	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on January 5	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on January 5	enter a debit amount	enter a credit amount

Show List of Accounts

Link to Text

Link to Text

Prepare the journal entries to record the sale of the building after having used the revaluation model using the proportionate method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Do not round intermediate calculations. Round answers to 0 decimal places, e.g. 5,275.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 5	enter an account title for the journal entry on January 5	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on January 5	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on January 5	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on January 5	enter a debit amount	enter a credit amount

Answer 1