Homework Help is Here – Start Your Trial Now!
Business
Accounting
At the beginning of the current year, Stone Corporation reported the following balances: Land 5,200,000 Building 12,500,000 During the current year, the following transactions occurred: A piece of land was acquired for P5,000,000 plus P200,000 paid to a real estate agent, and P50,000 in clearing the land. Timber were recovered and sold for P25,000 after clearing. Another piece of land with a building was acquired for P7,500,000. The appraiser valued the land at P 5,000,000 and the building at P 1,000,000. The building was demolished at a cost of P80,000 and a new building was constructed at a cost of P7,000,000 plus architect fee P500,000 and building permit P150,000. A third piece of land was acquired for P4,000,000 and was held for undetermined use. What total cost of land should be reported in the statement of financial position under property, plant and equipment? O P16,675,000 O P 20,675.000 O P19,425.000 * P15,425.000

At the beginning of the current year, Stone Corporation reported the following balances: Land 5,200,000 Building 12,500,000 During the current year, the following transactions occurred: A piece of land was acquired for P5,000,000 plus P200,000 paid to a real estate agent, and P50,000 in clearing the land. Timber were recovered and sold for P25,000 after clearing. Another piece of land with a building was acquired for P7,500,000. The appraiser valued the land at P 5,000,000 and the building at P 1,000,000. The building was demolished at a cost of P80,000 and a new building was constructed at a cost of P7,000,000 plus architect fee P500,000 and building permit P150,000. A third piece of land was acquired for P4,000,000 and was held for undetermined use. What total cost of land should be reported in the statement of financial position under property, plant and equipment? O P16,675,000 O P 20,675.000 O P19,425.000 * P15,425.000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

2 answer thuis

At the beginning of the current year, Stone Corporation reported the following balances: Land 5,200,000 Building 12,500,000 During the current year, the following transactions occurred: A piece of land was acquired for P5,000,000 plus P200,000 paid to a real estate agent, and P50,000 in clearing the land. Timber were recovered and sold for P25,000 after clearing. Another piece of land with a building was acquired for P7,500,000. The appraiser valued the land at P 5,000,000 and the building at P 1,000,000. The building was demolished at a cost of P80,000 and a new building was constructed at a cost of P7,000,000 plus architect fee P500,000 and building permit P150,000. A third piece of land was acquired for P4,000,000 and was held for undetermined use. What total cost of land should be reported in the statement of financial position under property, plant and equipment? O P16,675,000 O P 20,675,000 O P19,425,000 P15.425.000
Transcribed Image Text:At the beginning of the current year, Stone Corporation reported the following balances: Land 5,200,000 Building 12,500,000 During the current year, the following transactions occurred: A piece of land was acquired for P5,000,000 plus P200,000 paid to a real estate agent, and P50,000 in clearing the land. Timber were recovered and sold for P25,000 after clearing. Another piece of land with a building was acquired for P7,500,000. The appraiser valued the land at P 5,000,000 and the building at P 1,000,000. The building was demolished at a cost of P80,000 and a new building was constructed at a cost of P7,000,000 plus architect fee P500,000 and building permit P150,000. A third piece of land was acquired for P4,000,000 and was held for undetermined use. What total cost of land should be reported in the statement of financial position under property, plant and equipment? O P16,675,000 O P 20,675,000 O P19,425,000 P15.425.000
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Public Issue
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS