b. Determine the amount of NAGA SIREN will show the Equipment in JO account in itsbalance sheet at December 31, 2015.A. P45,000B.P55,000C.D.P60,000P58,800 4. On January 1, 2015, PHANTOM LANCER INC., RIKI CORP and NAGA SIREN CORP. establish ajoint undertaking to manufacture a product they agree to share equally. Each willcontribute P200,000 into the operation; PHANTOM LANCER and RIKI are to contribute cashwhile NAGA SIREN is to contribute equipment with a cost of P185,000. The equipment hasa remaining life of 10 years when contributed.

A joint venture seems to be a short-term commercial endeavor in which two or more individuals…

Answered: b. Determine the amount of NAGA SIREN…

b. Determine the amount of NAGA SIREN will show the Equipment in JO account in its balance sheet at December 31, 2015. A. P45,000 B. P55,000 C. D. P60,000 P58,800

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

b. Determine the amount of NAGA SIREN will show the Equipment in JO account in its
balance sheet at December 31, 2015.
A. P45,000
B.
P55,000
C.
D.
P60,000
P58,800

4. On January 1, 2015, PHANTOM LANCER INC., RIKI CORP and NAGA SIREN CORP. establish a
joint undertaking to manufacture a product they agree to share equally. Each will
contribute P200,000 into the operation; PHANTOM LANCER and RIKI are to contribute cash
while NAGA SIREN is to contribute equipment with a cost of P185,000. The equipment has
a remaining life of 10 years when contributed.

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