On December 30, 2021, CHERRY Company paid $2,000,000 for land. On December 31, 2021, the current value of the land was $2,200,000. In January 2022, the land was sold for $2,250,000.
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Ignoring income tax, by what amount should shareholders’ equity be increased for 2021 and 2022 in current value financial statements?
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- Oriole Company buys land for $121000 in 2021. As of 3/31/22, the land has appreciated in value to $127800. On 12/31/22, the land has an appraised value of $131100. By what amount should the Land account be increased in 2022? $0. $3300. $10100. $6800.On May 7, 2021, Jimin Corporation sold a tract of land for P70,000 that resulted in a P30,000 gain on the sale. PTD agreed to accept one payment of P35,000 on August 15 and a second payment of P35,000 on December 15. PTD had a calendar year-end. What amount of gain was reported during the second, third, and fourth quarters of the year from this sale?Cubao Short Ribs Company sold a tract of land with carrying amount of $3,000,000 to Anonas Pot Corp. on July 1, 2021. $1,200,000 was collected on the date of sale, and the balance of $2,800,000 is collectible in four equal annual installments of $902,500 consisting of principal and 11% interest on the unpaid balance. The first installment is due on July 1, 2022. What amount related to the notes receivable shall be classified as current assets on December 31, 2022?
- On January 1, 2019, GUTZY Corporation purchased a tract of land (site number 101) with a dilapidated building for P1,800,000. Additionally, GUTZY paid a real state broker’s commission of P108,000, legal fees of P18,000, and title guarantee insurance of P54,000. The closing statement indicated that the land value was P1,500,000 and the building salvage value was P300,000. Shortly after the acquisition, the building was razed at a cost of P225,000. GUTZY entered into a P9,000,000 fixed-price contract with GIBA Builders, Inc. on March 1, 2019 for the construction of an office building on the land site 101. The building was completed and occupied on September 30, 2020. Additional construction costs were incurred as follows: Plans, specifications, and blueprints P 36,000 Architect’s fees for design and supervision 285,000 The building is estimated to have a forty-year life from the date of completion and will be depreciated using the 150%-declining-balance method. To finance…On May 7, 2021, Permission to Dance (PTD) Corporation sold a tract of land for P70,000 that resulted in a P30,000 gain on the sale. PTD agreed to accept one payment of P35,000 on August 15 and a second payment of P35,000 on December 15. PTD had a calendar year-end. What amount of gain was reported during the second, third, and fourth quarters of the year from this sale?On January 1, 2025, Pina Colada Corp. purchased equipment for $52560. The company is depreciating the equipment at the rate of $730 per month. The book value of the equipment at December 31, 2025 is: $52560. $8760. $0. $43800.
- Sadaf Oman Company purchased a land for RO 250,000 in 2010. In October 2020, the company Mold this land for RO 1000,000. In addition, the company purchased a bulding for RO SO000 in July 2019. The land and building were reported on the December 31, 2019 statement of financial position atTanaka Company has land that cost $15,000,000. Its fair value on December 31, 2020, is $20,000,000. Tanaka chooses the revaluation model to report its land. Explain how the land and its related valuation should be reported.On July 1, 2019, AXS COMPANY acquired an asset for P1,312,500. The asset is being depreciated over a 6-year period using the sum-of-the-years’ digit method. It has a salvage value of P52,500. The asset was sold at the end of 2022 resulting in a gain of P120,000. The selling price of the asset is
- On January 2, 2019, ERICKCo. acquired a tract of land that is to be sold in the ordinary conduct of business. The purchase price ofthe property of P80,000,000 was paid in cash and total transaction costs of P600,000 related to the acquisition of the property was also paid at a later date. The land was subdivided into 2,000 lots (200 square meters for every lot) for an additional costof P5,500,000. On December 31, 2019, the market value of the lot was P1,500 per square meter.As of December 31, 2020, only 20,000 square meters are still unsold and the market value of the lost had increased to P1,600 per square meter. On this date, ERICKdecided to transfer the remaining lots into investment property that is to be carried under the fair value model. There was no additional cost incurred on the change of intention on the property. What amount of gain should ERICKCo. recognize as a result of the transfer?Buttercup Company leased a property to Dickies Corporation on January 1, 2020 for a period of 8 years ending December 31, 2027. The first payment happened on January 1, 2020 amounting to P900,000. Buttercup Company had previously purchased the equipment for P4,800,000 from a supplier that Buttercup has been transacting with in the past years. Buttercup has been selling the same property on its ordinary course of business. The present value on January 1, 2020 of all rent payments over the lease term discounted at a 10% interest rate was P5,280,000. What amount of unearned interest revenue should be recognized as realized in 2021?Buttercup Company leased a property to Dickies Corporation on January 1, 2020 for a period of 8 years ending December 31, 2027. The first payment happened on January 1, 2020 amounting to P900,000. Buttercup Company had previously purchased the equipment for P4,800,000 from a supplier that Buttercup has been transacting with in the past years. Buttercup has been selling the same property on its ordinary course of business. The present value on January 1, 2020 of all rent payments over the lease term discounted at a 10% interest rate was P5,280,000. What amount of unearned interest revenue should be recognized as realized in 2021? a. P490,000 b. P480,000 c. P438,000 d. P391,800