If Ivanhoe paid $20,000 to a real estate broker on January 1, 2025, as a fee for finding the lessor, what is the initial measuremen of the right-of-use asset? (Round answers to O decimal places, e.g. 5,275.) Right-of-use asset $ 94178
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- On 30 June 2021, Wheel Ltd opted to adopt the revaluation model to measure land. According to AASB116, applying the revaluation model, which of the following figures must be used to measure land on 30 June 2021: Financial Value At date: Amount Concept 30 June 2018 $500,000 Initial cost when purchased Selling price for land 30 June 2021 $950,000 30 June 2021 $900,000 Cost to purchase an identical block of land $800,000 Present Value of estimated cash inflows from using land 30 June 2021 Select one: a. $950,000 O b. $900,000 O c. $500,000 O d. $800,000On January 1, 2019, Format Company sold a tract of land that was acquired several years ago forP2,800,000. Format received a non-interest bearing note for P4,500,000 due on December 31,2021 inexchange for the land. There is no readily available fair value for the land, but the current market rate ofinterest for comparable notes is 8%. (Round present value factors to 4 decimal places.Required:(a) What are the amounts of interest revenue recognized in Format’s profit and loss for the years 2019and 2020?(b) What is the carrying value of the note at December 31,2019 and at December 31,2020?(c) How would the note receivable be classified on the statement of financial position at December31,2019 and at December 31,2020?In 2021, Peter Quill had a 5 179 deduction carryover of $40,000. In 2022, Peter elected 5 179 for an asset acquired at a cost of $120,000. Peter's $ 179 business income imitation for 2022 is $130.000. Determine Peter's § 179 deduction for 2022 O a $25,000 Ob $115,000 Oc$130,000 Od $140,000
- 4 Bella Inc. has invested in a piece of land on January 1, 2022. The company uses the revaluation model for its land, and the revaluation takes place annually. 5 6 7 More information about the land acquisition cost and fair values is provided below: 8 January 1, 2022 Acquisition cost 519000 paid for in cash 9 December 31, 2022 Fair value 532000 10 December 31, 2023 Fair value 535000 Fair value 529000 11 December 31, 2024 12 13 During June 2025, the company sold the land for 14 0 1 2 3 15 Required 16 Prepare all journal entries related to the land from January 1, 2022 to June 2025, assuming the asset adjustment method is used. 17 18 Enter your answer here: 9 534000 45Alabama Corp. acquired an investment property on January 2, 2022, at a total cost of P8 million. The property has a useful life of 25 years. Its fair value on December 31, 2022, is P9.6 million. The entity used the fair value model to account for its investment property. What is the depreciation expense to be recognized for the year 2022? a. 384,000 b. 0 c. 256,000 d. 320,000 What is the carrying amount of the investment property on December 31, 2022? a. 8,000,000 b. 9,216,000 c. 9,600,000 d. 7,680,000 What is the gain or loss on fair value change to be recognized for the year 2022? a. 1,600,000 b. 1,920,000 c. 1,536,000 d. 0PT Adista owns land that was purchased in cash on January 2, 2018 at a cost of IDR 1,000,000,000. Requested: a. PT Adista decided to use the revaluation model for the land (which is a fixed asset). On December 31, 2018, the company recognized a revaluation surplus of the land amounting to Rp 100,000,000. If on December 31, 2019 it is known that the fair value of the land is IDR 1,060,000,000, make a journal entry that is recorded by PT Astina regarding the land in 2019. b. Describe how the accounting treatment differs between the fixed asset revaluation model and the fair value model of investment property.
- 16. On April 27, 2021, BatoBatoPik purchased for P6,000,000 a warehouse building and the land on which it is located. The following data were available concerning the property: Current Appraised Value Original Cost Land P2,200,000 P1,800,000 Warehouse P3,300,000 P3,000,000 Total P5,500,000 P4,800,000 At what amount should the warehouse be recorded?Q7.Mr Rahim purchased a property in Mumbai in the year 2000 for Rs. 15 lacs He sold the property on Dec 13th 2019, for Rs 30 lacs. The fair market value of the property as on 1.4.2001 was 22 lacs. Define and Calculate the indexed cost of acquisition (5 Marks) – 400 Words Define, Calculate and indicate the amount and type of gain or loss, if any Given the relevant assessment year is 2020-2021. Cost inflation index for the year 2001-02 is 100 Cost inflation index for the year 2018-19 is 280 Cost inflation index for the year 2019-20 is 289 Cost inflation index for the year 2020-21 is 301 (5 Marks) – 400 Words
- 01. Martin owns land that is classified as PPE. The land has previously been valued at cost. The land will be revalued using the revaluation model to its fair value on December 31 (the company's year-end). Before revaluation, the land's carrying value was $100,000. The fair value is $125,000 as of December 31, 2021. What journal entry is required to record the revaluation? What entry would've been made if the fair value on December 31, 2022, is $90,000? 02. 1,000,000 of XYZ's no-par common shares were initially offered at a price of $13, Later, XYZ bought back 6,000 shares of these shares at $ 17 a share. XYZ is incorporated under the Canada business corporation Act and therefore retired these shares. Requirement Record the retirement of the shares. 03. ABC. declare a dividend of $100,000 and pays it all at once. Provide the journal entry needed to document the $100,000 dividend if: The dividend is paid in cash The dividend is paid in company stock (stock dividend)On January 1, 2020, Marshall acquired an investment for P500,000 plus a purchase commission of P10,000. The investment is designated as financial asset at fair value through other comprehensive income. On December 31, 2020, quoted market price of the investment is P500,000. If the investment were sold, a commission of P15,000 would be paid. On December 31, 2020, the investment should be carried at A.P485,000B.P500,000C.P495,000D.P510,000Assume that ABC, Inc, acquires a competitor's assets on June 10, 2020. The purchase price was $150,000. Of that amount, $125,000 is allocated to tangible assets and $25,000 is allocated to goodwill (a §197 intangible asset). What is ABC, Inc. amortization deduction for 2020? (Round final answer to the nearest whole number.) a) $25,000. b) $1,667. c) $972. d) $833. e) None of the above.
