Calculate the amount of the stamp duty.
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Mr. Mutu purchased a development land which was offered to him at RM3,000,000 and sales and purchase agreement was signed on 29 April 2021. The subject property was inspected by the Valuation and Property Services Department on 1 October 2021 and that department suggested the reasonable market value is RM5,880,000.
Calculate the amount of the stamp duty.
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- G-Waste Limited, a leading waste management company, acquired a parcel of land on January 1, 2014 at a fair value of GHS250,000. The land would be used as a dumping site for an estimated period of 4vears. At the end of the dumping period the company as required to reclaim the land by covering with gravel and grassing at an estimated cost of GHS95,000. The prevailing discount rate for l year Government of Ghana Treasury bill is 21%. Required You are required to prescribe how G-Waste should account and disclose this transaction in its 2014 and 2015 Financial Statements.On July 1, 2024, Apache Company, a real estate developer, sold a parcel of land to a construction company for $4,128,000. The book value of the land on Apache’s books was $1,720,000. Terms of the sale required a down payment of $172,000 and 23 annual payments of $172,000 plus interest at an appropriate interest rate due on each July 1 beginning in 2025. How much revenue will Apache recognize for the sale (ignoring interest), assuming that it recognizes revenue at the point in time at which it transfers the land to the construction company?On July 2021, Publicus sold a machine to a customer for £500,000 (excluding value added tax), and the customer paid in full when the machine was delivered on that date. In addition to the machine, Publicus agreed to provide maintenance for thirty months ending on 31 December 2023. Publicus has allocated E446,000 of the transaction price to the machine and g54,000 to the maintenance agreement. How much revenue should Publicus recognise from this sale in its income statement for the year to 31 December 2021? a. £467,600 b. £500,000 c. £456,800 d. £446,000
- Your client bought investment property at 157 Kissing Point Rd, Dundas, NSW 2117 for $445,000 under a contract dated 01 May 1998. The contract provided for the payment of a deposit of $85,000 on that date, with the balance of $360,000 to be paid on the settlement on 15 May 1998. Your client paid a stamp duty of $10,500 on 30 May 1998. On 1 June 1998, he received an invoice for solicitor’s fees of $6,300, which he paid as part of the settlement process. He sold the property on 01 July 2018(the day the contracts were exchanged) for $730,000. He incurred costs of $1,500 in solicitor’s fees and $30,000 in agent’s commission. During the entire ownership period, the property was used for producing assessable income. Your client had the following expenses for this property: ✓ Council rates $5,800 (not claimed in the previous tax return) ✓ Land tax $7,700 (not claimed in the previous tax return) ✓ Maintenance $20,100 (not claimed in the previous tax return) ✓ Bank Interest…Prepare a schedule showing the intangible assets section of Cheyenne's balance sheet at December 31, 2020. CHEYENNE CORPORATION Intangible Assets Prepare a schedule showing all expenses resulting from the transactions that would appear on Cheyenne's income statement for the year ended December 31, 2020. CHEYENNE CORPORATION Expenses Resulting from Selected Intangible Assets Transactions < <In 2021, TPC Incorporated sold investment land with a $474,000 book and tax basis for $775,000. The purchaser paid $100,000 in cash and gave TPC a note for the $675,000 balance of the price. In 2022, TPC received a $105,500 payment on the note ($67,500 principal + $38,000 interest). Assuming that TPC is using the installment sale method, compute its gain recognized in 2022.
- Manatee Corporation purchased a special conveyor system on December 31, 2025. The purchase agreement stipulated that Manatee should pay $50,000 at the time of purchase and $15,000 at the end of each of the next 5 years. The conveyor system should be recorded on December 31, 2025, at what amount, assuming an appropriate interest rate of 8%?Aqua Corporation purchases nonresidential real property on May 8, 2020, for S1, 630, 000. Straight - line cost recovery is taken in the amount of $163, 000 before the property is sold on November 27, 2023, for S2, 445,000.a. Compute the amount of Aqua's recognized gain on the sale of the realty.b. Determine the amount of the recognized gain that is treated as § 1231 gain and the amount that is treated as § 1250 recapture (ordinary income due to § 291). § 1231 gain:§ 1250 recapture (ordinary income due to §On August 31, 2022, Jackie agreed to purchase a parcel of land for P1,000,000 which the seller considered as a capital asset. The deed of absolute sale, however, was processed and dated on September 15, 2022. The land was valued at the following: Appraised value - 1,200,000 Zonal value - 900,000 Assessor's value - 800,000 Seller's tax basis - 500,000 How much is the capital gains tax?
- On January 1, 2021, Jalen Company purchased land costing $800,000. Instead of paying cash at the time of purchase, Jalen plans to make four installment payments of $215,221.64 on June 30 and December 31 in 2021 and 2022. The payments include interest at a rate of 6%. Required: 1. Record the purchase of land when the note is issued. 2. Record the first installment payment on June 30, 2021, and the second installment payment on December 31, 2021. 3. Calculate the balance of Notes Payable and Interest Expense on December 31, 2021.(a) On January 1, 2025, Skysong Inc. purchased land that had an assessed value of $376,000 at the time of purchase. A $585,000, zero- interest-bearing note due January 1, 2028, was given in exchange. There was no established exchange price for the land, nor a ready fair value for the note. The interest rate charged on a note of this type is 12%. Determine at what amount the land should be recorded at January 1, 2025, and the interest expense to be reported in 2025 related to this transaction. (Round intermediate calculation to 5 decimal places, e.g. 0.23451 and final answers to O decimal places, e.g. 38,548.) Land to be recorded at January 1, 2025 Interest expense to be reported $ $ (b) On January 1, 2025, Concord Furniture borrowed $3,600,000 (face value) from Sinise Co., a major customer, through a zero- interest-bearing note due in 4 years. Because the note was zero-interest-bearing, Concord Furniture agreed to sell furniture to this customer at lower than market price. A 10% rate…On January 1, 2021, Entity A received land with fair of PHP 200,000 from the government conditioned on the construction of a building on the lot. Entity A started immediately the construction and it was completed on December 31, 2021 for a total cost of PHP 1,000,000. The building has an estimated useful life of 10 years and zero residual value. How much is the carrying amount of the building on December 31, 2022 under the following presentation? Gross Presentation Net Presentation a. 1,000,000 800,000 b. 900,000 720,000 с. 800,000 640,000 d. 800,000 533,333
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