Describe the IFRS treatment of increases in the market value of property, plant, and equipment held during the year. Compare that treatment to the U.S. GAAP requirements.
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Describe the IFRS treatment of increases in the market value of property, plant, and equipment held during the year. Compare that treatment to the U.S. GAAP requirements.
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- According to AASB 16, an entity that provides the right to use an underlying asset for a period of time in exchange for consideration is termed as Lessor. Select one alternative: True FalseA real estate investor based in Corona Del Mar, California borrowed $43,200,000 from Union Bank secured by a 188,000 square foot suburban shopping center that she owned. The loan was a ten-year interest-only variable rate mortgage loan payable monthly with 30-day SOFR as the rate index. For the first two years, the loan had a teaser rate of 2%, after which the interest rate resets annually with 2% annual and 6% lifetime interest rate increase caps and a margin of 2.5%. On the first reset date, the 30-day SOFR was 3.5%. What was the monthly loan payment for the third loan year? a. Because of the interest rate caps, the monthly payment would not change b. $198,000 c. $144,000 d. $216,000Ana de la Cruz expects to receive P20,940 at the beginning of each period per year in Social Security payments. Assume that she receives these payments for 28 years and use a rate of 6% per year. Find the present value of her retirement payments.
- Damon convinced his aunt to lend him $7,400 to purchase a digital TV. He has agreed to charge only 8 percent simple interest, and he has agreed to repay the loan at the end of one year. How much interest will he pay for the year?Weismann Company issued 18-year bonds a year ago at a coupon rate of 11 percent. The bonds make semiannual payments and have a par value of $1,000. If the YTM on these bonds is 10 percent, what is the current bond price?Read and analyze the “Fair Debt Collection Practices Act.” Discuss the actions that violate this act and the penalties associated with those violations.
- Gadget King Corporation manufactures personal computers, tablets and mobile phones. The company began operations in 2015 and reported profits for the years 2015 through 2018. Due primarily to increased competition and price slashing in the industry, 2019’s income statement reported a loss of P15,000,000. Just before the end of the 2020 financial year, a memo from the company’s chief financial officer to Hendrick Cruz, the company controller and Nathan Santos, the company director for finance, included the following comments: If we don’t do something about the large number of unsold computers, tablets and mobile phones already manufactured, our auditors will require us to write them off. The resulting loss for2020 will cause a violation of our debt covenants and force the company into bankruptcy. I suggest that you ship half of our inventory to Bilis Benta, Inc., in Quezon City. I know the company’s president and he will accept the merchandise and acknowledge the shipment as purchase.…Richard Grandison Stafford is the CEO of the National Bank of (your jurisdiction) Limited. He has been at the helm of that entity since March of 2010. One of the perks of the position is access to mortgage loans at the base rate. In June of 2014, Richard decided to take out a mortgage to purchase his dream home. The Bank loaned him US$900,000 to purchase an executive home located near the capital of your jurisdiction, on 25,000 square feet of land. At the time of the loan the base interest rate was 3% per annum. In April of 2018, Richard stopped paying the loan and in August of 2018 he was suspended from his role as CEO of the Bank. Since then the bank has been in consultations with him to get back the outstanding money. He has only repaid US$260,000. Richard claims that in August of 2018, not 2014, he was approached by Annette Auguste to sign a series of documents. When he enquired what the documents were about he was told that they are required by the Bank's Audit Department. Among…After visiting several automobile dealerships, Richard selects the used car he wants. He likes its $12,900 price, but financing through the dealer is no bargain. He has $2,500 cash for a down payment, so he needs an $10,400 loan. In shopping at several banks for an installment loan, he learns that interest on most automobile loans is quoted at add-on rates. That is, during the life of the loan, interest is paid on the full amount borrowed even though a portion of the principal has been paid back. Richard borrows $10,400 for a period of four years at an add-on interest rate of 10 percent. What is the total interest on Richard’s loan? What is the total cost of the car?
- Pls help ASAPDiscuss whether GST would apply to the following supplies (you may assume thatthe supplies are made by an entity located in Australia and registered for GSTpurposes and that the supplies are made for consideration in the course orfurtherance of an enterprise).1. The sale of fruit by a grocer2. The loan of a video by a video store3. The sale of books by a newsagent4. The sale of shares in a company5. The supply of a meal at a restaurant6. The provision of audit services by an accounting firm7. The opening of a bank account8. The provision of advice by a bank regarding a loan9. The export of raw minerals by a mining company10. The sale of a new residential home by a builderCrane Ltd issued $1,200,000 of 10years, 5% bonds on January 1,2024,when the market interest rate was 6%. crane received $1,110,740 when it issued these bonds. Interest is payable semi-annually on July 1 and January 1. crane has a December 31 year end. Assume that Crane has a December 31 year end. Calculate how much of the bond discount was amortized in 2024