(Answered) Yum-yum applies the revaluation model to land other than

Accounting

Yum-Yum applies the revaluation model to land. Other than the land recently purchased in Nanaimo, Yum-Yum owns land in two other locations. Their value was assessed as follows:

Dec. 31, 20X4

Dec. 31, 20X5

Kelowna $250,000

$275,000

Coquitlam 128,000

106,000

The land in Kelowna has a revaluation surplus of $50,000 and no balance in revaluation gain/loss. The land in Coquitlam was acquired in 20X3 at a cost of $120,000 and has been revalued to its December 31, 20X4, value. No adjustments have been recorded for the land

in 20X5.

What will the journal entry be?

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