In pacto de retro sale or sale with a right to repurchase of an immovable property, what is the default period of redemption by the pacto de retro seller if the redemption period is not stated in the contract of pacto de retro sale?

In pacto de retro sale or sale with a right to repurchase of an immovable property, what is the default period of redemption by the pacto de retro seller if the redemption period is not stated in the contract of pacto de retro sale?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Each of the four independent situations below describes a sales-type lease in which annual lease…

A: Lease is defined a contractual agreement incorporated between two business entities or any other…

Q: Supposing we the contract entered in is at the price of $285. We would like to evaluate our position…

A: Here, Spot price = $285. Time of contract = 4 months Forward price = $293.15. To Find: Gain or loss…

Q: E21.14 (LO 2) (Lessee Entries) Use the information for the Phelps/Walsh lease in E21.13. In this…

A: Capital Lease - It is an agreement where lessor has agreed to transfer ownership of the assets to…

Q: How do they get the gain on sale of ppe 80000 and lease receivable 120473 in the journal entires?

A: The provided information demonstrates a good understanding of HKFRS 16 lessor accounting for a…

Q: Match the words with the term. Question 4 options: one who pays to use an asset…

A: Lease: It is an agreement between two parties where one party acquires the right to use of an asset…

Q: m a decedent's testamentary trust By inter vivos gift By intestate su

A: Inter Vivo gift refers to the law in property that states that the authoritative person handovers…

Q: How many of the following statements regarding goodwillare true?• Goodwill is not reported unless…

Q: 41-Depreciation for leased asset will be provided in the books of which party if the lease is…

Q: Rules of the internal revenue service concerning the deductibility of points on a mortgage DO NOT…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: On 1 July 2020, Sherlock Ltd leased a processing plant to Holmes Ltd. The plant was purchased by…

A: The question is based on the concept of Accounting for leases.

Q: Lease 1 does not contain a bargain purchase option, but the lease term is equal to 90 percent of the…

A: A lease is defined as a contractual agreement incorporated between two business entities where one…

Q: -The lease payment is OMR 11,000 including OMR 500 insurance expense, paid by lessor and recouped…

A: Lease rental expense = Total payment made - insurance expense = OMR 11,000 - OMR 500 = OMR 10,500

Q: FRS requires lessees to recognize a right-of-use asset and related liability for leases with terms…

A: Solution: IFRS requires lessees to recognize a right-of-use asset and related liability for leases…

Q: Compute the 2025 amortization and the 12/31/25 book value, assuming that at the beginning of 2025,…

A: Amortization is the amount of expense which is shown in the income statement as decrease in the…

Q: PFRS 5 provides unconditional requirement that the sale of the non-current asset held for sale…

A: Held for sale assets are defined as the long lived assets for which the company has a plan to…

Q: When an entire interest in a passive activity is disposed of any passive loss carryover with respect…

A: Step 1 Passive activity loss rules that restricted using passive losses to offset ordinary income or…

Q: Francom Company engaged in a sale-leaseback transaction as seller/lessee. The leaseback was properly…

A: A sale and leaseback transaction is being discussed. The nature of the transaction is clearly…

Q: Which of the following statements is not incorrect? * a. Dealers of real properties can use…

A: The installment sales method can’t be used for the following. Sale of inventory. The regular sale…

Q: Question 6 In an operating lease the agreement would results in purchasing the asset by the lessee.…

A: Finance Lease:In a finance lease, the lessee has the option to purchase the asset at the end of the…

Q: For a transaction to qualify as a third-party exchange: I. the exchange must be completed within 1…

A: For a transaction to qualify as a third-party exchange: I. The exchange must be completed within 1…

Q: On 1 July 2023, Station Ltd leased machinery to Depot Ltd. The machinery was pur for its fair value…

A: A lease schedule is a table or spreadsheet that shows the periodic lease payments, interest expense,…

Q: Which of the following lease arrangements would most likely be accounted for as a finance lease by…

A: Criteria for Finance lease The term of the lease, equal to or greater than 75 per cent of the…

Q: Initial direct costs incurred by the lessor in an operating lease should be A. expensed in the year…

A: This question deals with the IFRS 16 "leases" As per IFRS, leases can be defined under two category…

Q: If title is not expected to pass to the lessee by the end of the lease term, lease of land is…

A: Operating Lease: Under an operating lease, the right to use an Asset is given by the lessor to the…

Q: Based on this schedule above, please calculate the Goodwill created in this deal. Assume a 25% tax…

A: When a company displays its potential to earn bigger profits than its actual assets alone would…

Q: Assuming the contract entered into at the price you computed is $365.42 and the underlying asset is…

A: Forward Contract: When two parties agree to purchase or sell a certain asset at a given price on a…

Q: T/F 1. It is reserved at the moment of the perfection of the contract for if the right to…

A: Article 1616 declares "The vendor cannot use the right of repurchase without paying the purchaser…

Q: A lessee with a lease containing a bargain purchase option should depreciate the leased asset over…

A: A lesseewith an lease containing a bargain purchase option should depreciate the leased asset over…

Q: sume that ADB Leasing Corp. and WXY Inc. sign a lease contract effective on January 1, 2019 where…

A: A lease is defined as the contract between two parties for use of an asset. The rent which the…

Q: E21.10 (LO 2) (Lessee Entries with Bargain Purchase Option) The following facts pertain to a…

A: Lessee is the person who takes the asset for a specific period on a specific amount on rent.Lessor…

Q: Under operating leases, lessors

A: Under the operating lease, the lessor would recognize the leased asset in the balance sheet as lease…

Q: 97. Question By taking a net listing, the agent a) is guaranteed a fixed commission. O b) need not…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Question 6 In an operating lease the agreement would results in purchasing the asset by the lessee.…

A: “Since you have posted multiple questions, we will provide the solution only to the first question…

Q: Which of the following statements is correct in accordance with AASB 16 Leases? Group of answer…

A: The question is related to Accounting for Lease.

Q: Which of the following is a criterion for a lease to be classified as a finance lease in the books…

A: A lease is a contract in which a landlord (the lessor) offers the tenant (the lessee) the right to…

Q: In a lease that is appropriately recorded as a direct-financing lease by the lessor, unearned…

A: A lease is a contractual agreement between two parties wherein the lessor (owner) provides the right…

Q: (iv) Economic life is 6 years, lease term is 2.5 years, but the asset is of a special nature, and…

A: Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Blossom Leasing Corporation, which uses IFRS, signs a lease agreement on January 1, 2023, to Jease…

A: When the fair value of the leased asset at the inception of the lease is the same as the cost of the…

Q: 26 If title is not expected to pass to the lessee by the end of the lease term, lease of land is…

A: Lease means giving out the assets by lessor to lessee to use that assets in return of rent.…

Q: The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company and…

A: An amortization schedule for a lease is a table that exhibits the lease payments in addition to…

Q: PFRS 5 provides unconditional requirement that the sale of the noncurrent asset held for sale should…

A: Non current assets classified as held for sale are those assets which are expected to be sold within…

Q: Part 1: New Lease Accounting –IFRS 16 Leases Effect Analysis. Identify differences between IFRS…

A: Hello! Thank you for the question, but the solution is too complex for this platform to support it,…

Q: On January 1, 2021, Yancey, Inc. signs a 10-year noncancelable lease agreement to lease a storage…

A: Solution: As per terms of lease "At the termination of the lease, the title to the building will be…

Q: e of the rig

A: Calculation of Value of Right of use Asset as on December 31, 2020. Particular Amount Annual…

Q: Exercise 8-26 (Algorithmic) (LO. 7) On October 1, 2021, Verónica purchased a business. Of the…

A: Intangible assets are non-physical assets that have no inherent value and cannot be touched or seen.…

Q: Three different lease transactions are presented below for Cullumber Enterprises. Assume that all…

A: Borrowed money refers to an amount that is being borrowed by the borrower from the lender at a…

Q: Jennifer Leasing Company signs an agreement on January 1, 2025, to lease equipment to Shamrock…

A: An agreement of contract that is prepared to transfer the right to use the resources for a…

Q: 18. Which of the following lease arrangements would most likely be accounted for as a finance lease…

A: A finance lease is a type of equipment lease where the customer (or 'lessee') rents the asset for…

Question

60. In pacto de retro sale or sale with a right to repurchase of an immovable property, what is the default period of redemption by the pacto de retro seller if the redemption period is not stated in the contract of pacto de retro sale?

Group of answer choices

a. 30 days

b. 4 years

c. 10 years

d. 5 years

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Please help answer questions 21-24 Question 21 Calculate the lease liability balance as at 31 December 2020 of Looter Limited using the amortization table approach. Question 21 options: 1) R43 797 2) R50 367 3) R6 092 4) R87 288 Question 22 Calculate the finance charges amount as at 31 December 2023 of Looter Limited using the amortization table approach. Question 22 options: 1) R35 100 2) R2 181 3) R12 500 4) R3 191 Question 23 Calculate the capital repayment amount of Looter Limited as at 31 December 2022 using the amortization table approach. Question 23 options: 1) R29 008 2) R40 020 3) R50 000 4) R17 250 Question 24 Calculate the finance charges amount that is deducted by Looter Limited as at 31 December 2023, when calculating taxable income using statement of profit & loss approach. Question 24 options: 1) (R6 092) 2) (R3 191) 3) (R8 729) 4) (R11 126)
A lessee is allowed to elect not to record a right-of-use asset and lease payable at the beginning of the lease term for a lease that has a lease term of 12 months or having a value of $5,000 or less when using: a. IFRS. b. U.S. GAAP. c. Either U.S. GAAP or IFRS. d. Neither U.S. GAAP nor IFRS.
Sh18
nku.7
Sh8 Please help me.
When a lease qualifies as a finance lease, what amount is initially recorded as the cost of the right-of-use asset? A) The present value of the lease payments B) The sum of the gross (undiscounted) lease payments. O A O B « Previous Next Not saved Submit Quiz
PROBLEM NO. 3 Assume that DBP Leasing Corp. and Minasugbo Inc. sign a lease contract effective on January 1, 2019 where DBP Leasing leases to Minasugbo a bulldozer. The terms and provisions of the lease contract and other pertinent date are as follows: • The term of the lease is five years. The lease agreement is non-cancelable, requiring equal rental payments of P20,711.11 at the beginning of each year (annuity-due basis). The bulldozer has a fair value at the commencement of the lease of P100,000, an estimated economic life of five years, and a guaranteed residual value of P5,000. (Minasugbo expects that it is probable that the expected value of the residual value at the end of the lease will be greater than the guaranteed amount of P5,000.) The lease contains no renewal options. The bulldozer reverts to DBP Leasing at the termination of the lease. Minasugbo's incremental borrowing rate is 5 percent per year. • Minasugbo depreciates its equipment on a straight-line basis. DBP Leasing…
Assume that Mr Khalifa took a Machinery from Mr Mustafa on lease for five years.As per the agreement, Mr Khalifa should pay OMR 1000 to Mr Mustafa and the repairs of the machinery only done by the Mr Khalifa during the lease period.The amount paid by Khalifa is known as _____________ a. Tax b. Interest c. Commission d. Lease payment
* Your answer is incorrect. When a company sells property and then leases it back, any gain on the sale should usually be deferred and recognized as income over the term of the lease. O recognized at the end of the lease. Orecognized in the current year. O recognized as a prior period adjustment.
ompany signs an agreement on January 1, 2020, to lease equipment to Plote Company. The following information relates to this agreement. 1. 2 3. 4. 5. 6. The term of the non-cancelable lease is 3 years with no renewal option. The equipment has an estimated economic life of 5 years. The fair value of the asset at January 1, 2020, is $80,000. The asset will revert to the lessor at the end of the lease term, at which time the asset is expected to have a residual value of $7,000, none of which is guaranteed. The agreement requires equal annual rental payments of $25,563 to the lessor, beginning on January 1, 2020. The lessee's incremental borrowing rate is 5%. The lessor's implicit rate is 4% and is unknown to the lessee. Plote uses the straight-line depreciation method for all equipment. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.)
Under a property policy all of the following statements are correct about a mortgagee except the mortgagee is entitled to an additional 10 days written notice of policy cancellation The mortgagee is entitled to an additional 60 days to file a claim if the insurered has not done so. The mortgagee is considered an additional interest under the policy declaration The mortgagee is entitled to coverage in excess of policy limits
ANSWER ONLY JOURNAL ENTRIES! ANSWER ONLY JOURNAL ENTRIES! ANSWER ONLY JOURNAL ENTRIES! Question: If the sales price is P1,000,000 which is equal to fair value compute the following under the buyer-lessor accounting Gross Investment Net Investment Unearned Interest Income Journal entries on January 1, 20x1