This is what I have so far, But I can\'t figure out the missing line? Below what

Q: This is what I have so far, But I can't figure out the missing line? Below what

1) Cost that company assign to the land, buildings, and equipment, respectively= Land = 100000+ 10000 = 110000 Building = 125000 +12500 = 137500 Equipment = 25000 + 2500 =27500 2 Date Account title and explanation Debit Credit 12/ 31 Land $22000 Building $ 2000 Equipment $3000 Revaluation surplus $11000 Date Account title and explanation Debit Credit 12/ 31 Land $22000 Building $ 2000 Equipment $3000 Revaluation surplus $11000

ID: 2427928 • Letter: T

Question

This is what I have so far, But I can't figure out the missing line? Below what I have is the question:

Garrett Corporation paid $200,000 to acquire land, buildings, and equipment. At the time of acquisition, Garrett paid $20,000 for an appraisal, which revealed the following values: land, $100,000; buildings, $125,000; and equipment, $25,000.

Required:

Chart of Accounts

12/31 Accumulated Depreciation - Building 6,000 Building 6,000 12/31 Loss on Impairment 3,000 Equipment 3,000 12/31 Building 2,000 Land 22,000 Revaluation Surplus 22,000

Explanation / Answer

Cost that company assign to the land, buildings, and equipment, respectively=

Land = 100000+ 10000 = 110000

Building = 125000 +12500 = 137500

Equipment = 25000 + 2500 =27500

Date

Account title and explanation

Debit

Credit

12/ 31

Land

$22000

Building

$ 2000

Equipment

$3000

Revaluation surplus

$11000