Wright Now Limited (WNL)was incorporated on January 1, 2011 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. The company has a single project that it developed over four years. Below are details of the four years of operations. At the end of 2014 the land was sold for its fair value.
Required:
Complete the following table, assuming that WNL uses the revaluation model of measurement. OCI refers to other comprehensive income.

Question

Wright Now Limited (WNL)was incorporated on January 1, 2011 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. The company has a single project that it developed over four years. Below are details of the four years of operations. At the end of 2014 the land was sold for its fair value.
  Required:
Complete the following table, assuming that WNL uses the revaluation model of measurement. OCI refers to other comprehensive income.

Quizplus · Accepted Answer

The Answer of Wright Now Limited (WNL)was incorporated on January 1, 2011 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. The company has a single project that it developed over four years. Below are details of the four years of operations. At the end of 2014 the land was sold for its fair value.
  Required:
Complete the following table, assuming that WNL uses the revaluation model of measurement. OCI refers to other comprehensive income.

Wright Now Limited (WNL)was Incorporated on January 1, 2011 When