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At what amount should Mount's net assets be reported in the December 31, 2020 statement of financial position?

At what amount should Mount's net assets be reported in the December 31, 2020 statement of financial position?

FINANCIAL ACCOUNTING
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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Question 34 When preparing a draft of its 2020 statement of financial position, Mount Inc. reported net assets totaling P875,000. Indluded in the asset section of the statement of financlal position were the following: Treasury shares of Mount, Inc. at cost, which P24,000 approximates market value Idle machinery 11.200 Cash surrender value of life insurance policy on 13,700 corporate executives Allowance for decline in market value of 8.400 available-for-sale securities At what amount should Mount's net assets be reported in the December 31, 2020 statement of financial position? Note for your final answer: 1. Do not use peso sign 2. Do not use comma 3. Do not use decimal point 4. Round off your final answer to the nearest whole number
Transcribed Image Text:Question 34 When preparing a draft of its 2020 statement of financial position, Mount Inc. reported net assets totaling P875,000. Indluded in the asset section of the statement of financlal position were the following: Treasury shares of Mount, Inc. at cost, which P24,000 approximates market value Idle machinery 11.200 Cash surrender value of life insurance policy on 13,700 corporate executives Allowance for decline in market value of 8.400 available-for-sale securities At what amount should Mount's net assets be reported in the December 31, 2020 statement of financial position? Note for your final answer: 1. Do not use peso sign 2. Do not use comma 3. Do not use decimal point 4. Round off your final answer to the nearest whole number
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