conditions.   What is the depreciation for 2019? What is the depreciation for 2021? What is the carrying amount of the machinery at the end of 2021? What is the depreciation for 2022

Q: __________1. Loss on repayment of government grant on January 1, 2023 if the company accounts for…

A: Answer 1.  If the government grant is accounted as deferred income, then deferred income will be…

Q: PLEMACOLA, Inc. sold a piece of land on January 1, 2021. The company purchased the land for…

A: In Zero interest note or bond, the amortization process is quite simple as there is no coupon or…

Q: Alaska Limited has a written down value of machinery as 90,000 at the end of the year 2021. The…

A: Capitalized Cost: A capitalized cost is a cost that is incurred from the purchase or improvement of…

Q: In 2018 an asset was purchased for $8,000,000. It was not eligible for initial allowance. annual…

A: Here's how we arrive at the correct answer:Calculate Annual Depreciation:Annual Allowance Rate:…

Q: In 2016 Sanford LTD. received a government grant of $100,000 to be used for the purchase of a…

A: Accounting treatment for government grants received.

Q: A corporation bought a machine for RP 8,000 with a commercial useful life of 4 years and a fiscal…

A:

Q: On January 1, 2021, Robin Company received a grant of P1,500,000 frorm the government to subsidize…

A: The grant is the amount that is received from the government to fulfill a certain activity. It is a…

Q: On January 1, 2022, ABC Organization, a non-profit private organization, received the gift of a…

A: On January 1, 2022, ABC Organization booked the building at the fair value at date of donation i.e.…

Q: • Hall, Inc. purchases an asset for $3,000,000. As of December 31, 2021, the Accumulated…

A: From the given information, The asset’s carrying cost = $3,000,000 - $1,200,000 = $1,800,000…

Q: On May 10, 2019, GUAVA Company received a grant of ₱8,000,000 from the British Government for the…

A: Solution: The whole amount of 10000000 because when on May 10, 2019, the amount 8000000 was a…

Q: On January 1, 2020, Blue company purchased X company for P25 Million. At such date, X Company had…

A: Answer:-  Definition of meaning:- Goodwill is a kind of an intangible asset generally related with…

Q: On January 1, 2021, Entity A received land with fair of ₱200,000 from the government conditioned on…

A: Depreciation is the allocation of cost of the asset over the useful life of the asset. There are…

Q: Your answer is incorrect. Complete the following schedule to assist in the accounting for the ARO…

A: Asset Retirement Obligation (ARO) is a liability associated with the retirement of a long-term…

Q: In 2024, the Westgate Construction Company entered into a contract to construct a road for Santa…

A: Project reports and financial statements frequently include information on the expected cost of…

Q: Pearl Limited purchased an asset at a cost of $20,000 on March 1, 2023. The asset has a useful life…

A: Capital cost allowance (CCA) is a deduction that can be claimed by taxpayers for several years for…

Q: On January 1, 2021, Fantastic Corporation received cash of P8,000,000 from a local government to be…

A:

Q: On Jan. 1, 2021, Microsoft Company received a consolidated grant of P12,000,000. Three-fourths of…

A: Grants means the amount received without any sale of product or providing any services. Government…

Q: On January 1, 2021, Robin Cormpany received a grant of P1,500,000 from the government to subsidize…

A: Government Grant: Instead than acting as an incentive to carry out specified expenditures, a…

Q: Nizwa township general fund acquired vehicles for the police department at the beginning of January…

A: Calculation of depreciation using SLM Straight-Line Depreciation Formula · Depreciation in Any…

Q: In January, 2022, Harmony Inc. has the following expenditures related to manufacturing a new…

A: Machineries are the most widely utilized fixed asset in industrial businesses. The acquisition cost…

Q: In April 2021, Lenape Corporation completed security, fire, and heating system improvements to…

A: Section 179 of the U.S. Internal Revenue Code allows business owners to immediately deduct the full…

Q: At the beginning of the current year, Peace Company purchased a machine for P 7,000,000 and received…

A: Journal entries are used to record the accounting transactions in chronological order under double…

Q: 17. Ebasan Company received a grant of P60,000,000 to compensate it for costs it incurred in…

A: Solution Concept As per the provision of PAS 20 , The grant received to compensate for its cost…

Q: On October 01, 2021, a national government agency purchased and delivered 30 units of Communication…

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

Q: On January 1, 2021, CAE Company acquires an asset for $450,000,000. It had to spend an additional…

A: Part (A)   01-Jan-21 Assets A/c Dr 474000000           To Bank A/c   474000000…

Q: An equipment of KAY Corporation was tested for impairment on December 31, 2019. The carrying value…

A: Impairment of assets means reducing the book value  of assets when carrying amount is more than…

Q: On 1 July 2020, GTW Ltd purchased a machinery at $120,000. GTW Ltd adopts the cost model for the…

A: When an asset's recoverable amount is less than its carrying value, this is called an impairment…

Q: Surgimed Ghana Ltd. received a government grant of GH¢300,000 for acquiring plant and machinery…

A: Every company will prepare the accounting statements based on the transactions, and nature of the…

Q: The following was the Balance Sheet as on 31st July, 2020 of the firm of Arun and Aditya who were…

A: The solution is here below

Q: How much is the carrying value of the overpass as of December 31, 2021 assuming ABC used the…

A: Given Cost of overpass = 25000000 Life = 20years  Depreciation per year = 25000000/20 = 12500000

Q: What is the loss on repayment of the grant on January 1, 2022? What is the depreciation of the…

A: The solutions are as per your requirement which relate to the situation number 2 Depreciation is a…

Q: During 2021, Ming's Book Store paid $486,000 for land and built a store in Naperville, Illinois.…

A: Journal entry:Journal is the book of original entries whereby all the financial transactions are…