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Black Company acquired a piece of land for $9,000,000 in late 2012 and held it all through 2015. Year-end fair value was determined as follows:...
Black Company acquired a piece of land for $9,000,000 in late 2012 and held it all through 2015.
Year-end fair value was determined as follows:
2012: $9.000,000 (unchanged from purchase date)
2013: $7,750,000
2014: $18,750,000
2015: $16,500,000
Required:
Using the financial statement effects template, indicate the effect of the following transactions and events, if needed, assuming that the land is valued
(1) at historic cost,
(2) using the revaluation model, and
(3) using the fair value method.
If no entry is required, write “no entry” in the block.
