What are the correct entries to show the increased QV land value for a private company? The land is currently shown at $400k in the books, but now has an increased value of $435k. How do I show this in the accounts?
Hi LynneNz
I see you're making sure your journal entries are spot-on. Unfortunately, giving specific answers to this question falls under financial advice, which we're not permitted to offer. It'd be best to reach out to an accountant or financial advisor for guidance.
If you have any other questions or need further assistance, feel free to start a new thread.
Thanks,
Genreve
@ LynneNz
I understand a private company does not need to Mark to Market.
It may well be prudent to do so.
As Genreve said, please talk to your Tax Accountant.
Duncan
