During 20x1, Daisy Co. incurred P 1.5M in direct materials, P 1.2M in direct labor and P 1M in overhead in the self-constructed building to be held as an investment property. The building was completed on December 31, 20x1. The fair value of the building on December 31, 20x1 is P 4M. Prepare all the necessary entries in 20x1.
During 20x1, Daisy Co. incurred P 1.5M in direct materials, P 1.2M in direct labor and P 1M in overhead in the self-constructed building to be held as an investment property. The building was completed on December 31, 20x1. The fair value of the building on December 31, 20x1 is P 4M. Prepare all the necessary entries in 20x1.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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- During 20x1, Daisy Co. incurred P 1.5M in direct materials, P 1.2M in direct labor and P 1M in
overhead in the self-constructed building to be held as an investment property. The building was completed on December 31, 20x1. The fair value of the building on December 31, 20x1 is P 4M. Prepare all the necessary entries in 20x1.
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