Grandpas are us gau recently acquired a new piece of land, Financial Accounting

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Grandpas are us gau recently acquired a new piece of land

Grandpas Are Us (GAU) recently acquired a new piece of land in Burton County on April 1, 2012. The land cost $500,000. GAU reports under IFRS and revalues its land. On December 31, 2017, the fair value of the land is $450,000. On December 31, 2020, the fair value of the land is $520,000.

Provide all necessary journal entries for 2012 through 2020.

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Financial Accounting: Grandpas are us gau recently acquired a new piece of land

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Financial Accounting: Grandpas are us gau recently acquired a new piece of land

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