Cole Company buys land for $50,000 on 31/12/19. As of 31/3/20, the land has appreciated in value to $50,500. On 31/12/20, the land has an appraised value of $51,800. By what amount must the Land account be increased in 2022?

Question

Quizplus · Accepted Answer

Land revaluation increments are recognised at the time of the revaluation, therefore the land value in 2022 is the purchase price.

Cole Company Buys Land for $50,000 on 31/12/19