3. Ignoring income tax, by what amount should shareholders’ equity be increased for 2021 and 2022 in current value financial statements? a. 2021 - ₱ 0; 2022 - ₱ 50,000 b. 2021 - ₱ 200,000; 2022 - ₱ 0 c. 2021 - ₱ 0; 2022 - ₱ 250,000
3. Ignoring income tax, by what amount should shareholders’ equity be increased for 2021 and 2022 in current value financial statements? a. 2021 - ₱ 0; 2022 - ₱ 50,000 b. 2021 - ₱ 200,000; 2022 - ₱ 0 c. 2021 - ₱ 0; 2022 - ₱ 250,000
Chapter11: Property Dispositions
Section: Chapter Questions
Problem 64P
Related questions
Question
3. Ignoring income tax, by what amount should shareholders’ equity be increased for 2021 and 2022 in current value financial statements?
a. 2021 - ₱ 0; 2022 - ₱ 50,000
b. 2021 - ₱ 200,000; 2022 - ₱ 0
c. 2021 - ₱ 0; 2022 - ₱ 250,000
d. 2021 - ₱ 200,000; 2022 - ₱ 50,000
![On December 30, 2021, CHERRY Company paid $2,000,000 for land. On December 31, 2021, the current
value of the land was $2,200,000. In January 2022, the land was sold for $2,250,000.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7ee0d6b9-caaa-41d0-a588-374894519c8d%2F98e0d745-da24-48ac-88bf-0db4df3ebfc9%2F5jkvayd_processed.png&w=3840&q=75)
Transcribed Image Text:On December 30, 2021, CHERRY Company paid $2,000,000 for land. On December 31, 2021, the current
value of the land was $2,200,000. In January 2022, the land was sold for $2,250,000.
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