Information about the PPE for Jeremy Inc.is provided below.The company held the land and building to earn rental income and appropriately applied the fair value model for the land and building.Assume that the company takes a full of depreciation each year under the straight line method.
The company decided to use the building as its new head office at the beginning of year 3.
Prepare the journal entries required to record the change in use for Year 3.
Definitions:
Common Stock
A type of equity security representing ownership in a corporation, with holders having voting rights and potentially receiving dividends.
Financing Activity
Activities that result in changes in the size and composition of the equity capital or borrowings of a company.
Financing Section
A section of the cash flow statement that shows the inflows and outflows of cash from financing activities, including borrowing, repaying debt, and issuing stock.
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