Upvote will be given. Write the complete solutions legibly. The encircled letter is the correct answer. Solve it manually. 20. Mighty & Able Company and its subsidiaries own the following properties that are accounted for inaccordance with international accounting standards:A vacant building owned by the parent and to be leased out under an operating leaseEquipment leased out by the parent to an unrelated party under an operating lease5,400,000Land held by the parent for undetermined use1,800,00012,600,000Property held for use in productionProperty under construction for use as investment propertyLand held for future factory siteProperty held by subsidiary, a real estate firm, in ordinary course of businessProperty awaiting disposalProperty being constructed or developed on behalf of third partiesHow much is the investment property to be reported at year-end?9,000,0004,860,00013,190,0002,700,0003,600,0007,200,000a. 21,600,000b. 23,400,00027,000,000d. 28,800,000

Investment -An asset or thing acquired with the intention of earning revenue or recognition is…

10. Mighty & Able Company and its subsidiaries own the following properties that are accounted for accordance with international accounting standards: A vacant building owned by the parent and to be leased out under an operating lease Equipment leased out by the parent to an unrelated party under an'operating lease 5,400,00 1,800,00 Land held by the parent for undetermined use 12,600,00 Land held for future factory site Property held by subsidiary, a real estate firm, in ordinary course of business Property held for use in production Property under construction for use as investment property Property awaiting disposal Property being constructed or developed on behalf of third parties 2,700,00 3,600,00 7,200,000 9,000,000 4,860,000 13,190,000

10. Mighty & Able Company and its subsidiaries own the following properties that are accounted for accordance with international accounting standards: A vacant building owned by the parent and to be leased out under an operating lease Equipment leased out by the parent to an unrelated party under an'operating lease 5,400,00 1,800,00 Land held by the parent for undetermined use 12,600,00 Land held for future factory site Property held by subsidiary, a real estate firm, in ordinary course of business Property held for use in production Property under construction for use as investment property Property awaiting disposal Property being constructed or developed on behalf of third parties 2,700,00 3,600,00 7,200,000 9,000,000 4,860,000 13,190,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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