Wright Now Limited (WNL)was incorporated on January 1,2017 when the sole shareholder invested $7,500,000.This is the only financing the firm needed.WNL used $1,200,000 of the funds to purchase land.WNL developed a single project from 2017-2020.Pertinent financial details of this project are set out below.At the end of 2020 the land was sold for its fair value.

Required:
Complete the following table,assuming that WNL uses the historical cost basis of measurement.

Question

Wright Now Limited (WNL)was incorporated on January 1,2017 when the sole shareholder invested $7,500,000.This is the only financing the firm needed.WNL used $1,200,000 of the funds to purchase land.WNL developed a single project from 2017-2020.Pertinent financial details of this project are set out below.At the end of 2020 the land was sold for its fair value.
  
Required:
Complete the following table,assuming that WNL uses the historical cost basis of measurement.

Quizplus · Accepted Answer

The Answer of Wright Now Limited (WNL)was incorporated on January 1,2017 when the sole shareholder invested $7,500,000.This is the only financing the firm needed.WNL used $1,200,000 of the funds to purchase land.WNL developed a single project from 2017-2020.Pertinent financial details of this project are set out below.At the end of 2020 the land was sold for its fair value.
  
Required:
Complete the following table,assuming that WNL uses the historical cost basis of measurement.

Wright Now Limited (WNL)was Incorporated on January 1,2017 When the Sole