53. On January 1, 2019 Cheese Company acquired and installed an oil rig. The was acquired at its fair value of P20,000,000 and the company incurred a total P2,000,000 to install and prepare the asset for its intended use.. The estimated useful life of the rig is 10 years and after which the company has an obligation to dismantle immediately. Initial estimate of the cash outflow to dismantle the rig is P500,000. The discount rate is 10%. On January 1, 2021 Cheese Company revised the estimate to dismantle the rig to P700,000. What is the carrying value of the oil rig immediately after the revised estimate was accounted for? a. P17,600,000 C. P17,754,216 P17,847,516 b. P17,660,916 d.

53. On January 1, 2019 Cheese Company acquired and installed an oil rig. The was acquired at its fair value of P20,000,000 and the company incurred a total P2,000,000 to install and prepare the asset for its intended use.. The estimated useful life of the rig is 10 years and after which the company has an obligation to dismantle immediately. Initial estimate of the cash outflow to dismantle the rig is P500,000. The discount rate is 10%. On January 1, 2021 Cheese Company revised the estimate to dismantle the rig to P700,000. What is the carrying value of the oil rig immediately after the revised estimate was accounted for? a. P17,600,000 C. P17,754,216 P17,847,516 b. P17,660,916 d.

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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Consider the following information on options from the CBOE for Merck: MRK Oct 06, 2006 @ 14:40 ET (Data 20 Minutes Delayed) Calls O O O O O A. 1 B. 0 09 Jan 25.00 (VMK AE-E) 17.10 -0.30 17.30 17.50 21 214 09 Jan 25.00 (VMK ME-E) 0.80 pc 0.60 0.80 0 319 09 Jan 30.00 (VMK AF-E) 13.40 pc 13.20 13.40 0417 09 Jan 30.00 (VMK MF-E) 1.40 +0.20 1.15 1.40 25 63 09 Jan 35.00 (VMK AG-E) 9.20 pc 9.60 10.000 591 09 Jan 35.00 (VMK MG-E) 2.35 pc 2.15 2.35 01173 09 Jan 40.00 (VMK AH-E) 6.50 +0.30 6.50 6.80 2 8422 09 Jan 40.00 (VMK MH-E) 3.80 pc 3.70 3.90 07174 09 Jan 45.00 (VMK AI-E) 4.20 pc 4.20 4.50 06123 09 Jan 45.00 (VMK MI-E) 6.40 09 Jan 50.00 (VMK AJ-E) 2.80 pc 2.35 2.75 04509 09 Jan 50.00 (VMK MJ-E) 9.30 pc 5.90 6.20 0 5513 pc 9.00 9.600 982 How many of the January 2009 call options are in-the-money? C. 2 D. 4 Last Sale E. 3 Net Bid Ask Vol Open Int Bid N/A Ask N/A Puts 41.95 +0.53 Vol 6650300 Size N/A N/A Last Sale Net Bid Ask Vol Open Int
7:27 f t < Session[1].docx - Word ✓ Qo 138 - 21 Paragraph O References Mailings Review View Help BLUEBEAM One day you're going to miss my boring texts ## TO Accessibility: Investigate Search Costs to date Estimated costs to complete Progress billings during the year Cash collected during the year hoher webb ng Normal ||| No Spacing Styles Acrobat 2021 $ 980,000 3,020,000 1,000,000 648,000 Go to website O Heading 1 √ Calculate the amount will be reported for accounts receivable on the statement of financial position at December 31, 2022. 3. Accounts Receivable on the Statement of Financial Position at December 31, 2022 for Newton Corp.: Accounts Receivable is calculated as the cumulative billings to date minus the cumulative cash collected: Accounts Receivable at December 31, 2022 = Cumulative Billings- Cumulative Cash Collected Accounts Receivable at December 31, 2022 = ($1,000,000+ $1,000,000) - ($648,000+ $1,280,000) = $2,000,000 - $1,928,000 = $72,000 Therefore, the amount reported…