Current Attempt in Progress Skysong Brothers Inc. purchased land and an old building with the intention of removing the old building and then constructing the company's new corporate headquarters on the land. The land and old building were purchased for $565,000. Closing costs were $6,540. The old building was removed at a cost of $45,900. After readying the land for its intended use, and while waiting for construction to begin, Skysong generated net revenue of $3,270 from using the land as a parking lot. Determine the amount to be recorded as the land cost, and the treatment of the net revenue of $3,270, if Skysong prepares financial statements in accordance with (a) IFRS and (b) ASPE. Land cost $ IFRS The net revenue of $3,270 should be $ ASPE IFRS Capitalized and credited to Buildings account ASPE Recognized as income when earned

Current Attempt in Progress Skysong Brothers Inc. purchased land and an old building with the intention of removing the old building and then constructing the company's new corporate headquarters on the land. The land and old building were purchased for $565,000. Closing costs were $6,540. The old building was removed at a cost of $45,900. After readying the land for its intended use, and while waiting for construction to begin, Skysong generated net revenue of $3,270 from using the land as a parking lot. Determine the amount to be recorded as the land cost, and the treatment of the net revenue of $3,270, if Skysong prepares financial statements in accordance with (a) IFRS and (b) ASPE. Land cost $ IFRS The net revenue of $3,270 should be $ ASPE IFRS Capitalized and credited to Buildings account ASPE Recognized as income when earned

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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