Wright Now Limited (WNL)was Incorporated on January 1, 2020 When

Essay

Wright Now Limited (WNL)was incorporated on January 1, 2020 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 2023 the land was sold for its fair value.
$$\begin{array} { | l | r | r | r | r | } \hline \text { in thousands) } & 2020 & 2021 & 2022 & 2023 \\\hline \text { Revenue - all cash } & \$ 3,100 & \$ 3,500 & \$ 2,600 & \$ 2,400 \\\hline \text { Expenses - all cash } & 2,900 & 2,900 & 2,200 & 2,300 \\\hline \text { Fair value of land, end of year } & 1,550 & 1,150 & 1,400 & 1,500 \\\hline\end{array}$$ Required:
Complete the following table, assuming that WNL uses the revaluation model of measurement. OCI refers to other comprehensive income.
$\begin{array}{c}\begin{array}{|l} \hline\text { Revaluation ( \( \$ 000 \) 's) } &\\\hline \text { Revenue } &\\ \hline\text { Expenses} &\\\hline \text { Revaluation gain (loss) } &\\\hline \text { Gain on disposal of land } &\\\hline \text { Net income} &\\ \hline\text { OCI for revaluation gain (loss)} &\\\hline \text { Comprehensive income } &\\\hline\\\hline \text { Cash } &\\\hline \text { Land } &\\ \hline\text { Total assets} &\\\hline\\ \hline\text { Share capital } &\\ \hline\text { Accumulated revaluation surplus} &\\\hline \text {Retained earnings } &\\\hline \text {Total shareholder's equity } &\\\hline\end{array}\begin{array}{|r|}\hline 2020 \\\hline \$ 3,100 \\\hline 2,900 \\\hline \\\hline \\\hline \\\hline\\\hline \\\hline \\\hline{\$6,500} \\\hline 1,550\\\hline {\$8,050}\\\hline \\\hline {\$7,500}\\\hline \\\hline \\\hline \\\hline \end{array}\begin{array}{r|}\hline2021 \\\hline{\$3,500} \\\hline 2,900\\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \end{array}\begin{array}{r|}\hline2022 \\\hline{\$2,600} \\\hline 2,200\\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \end{array}\begin{array}{r|}\hline2023 \\\hline{\$2,400} \\\hline 2,300\\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \end{array}\end{array}$