On January 1, 20x1, NURTURE REAR Co. acquired a building with an estimated useful life of 10 years and residual value of P400,000 for a total cost of P4,000,000. The fair value of the building on January 1, 20x1 is P4,800,000 while the fair value on December 31, 20x1 is P5,200,000. NURTURE estimates that if the building is sold currently on December 31, 20x1, costs to sell amount to P200,000. NURTURE uses the straight line method in depreciating its PPE. NURTURE uses the fair value model for its investment properties. The year-end adjusting entry will include *

On January 1, 20x1, NURTURE REAR Co. acquired a building with an estimated useful life of 10 years and residual value of P400,000 for a total cost of P4,000,000. The fair value of the building on January 1, 20x1 is P4,800,000 while the fair value on December 31, 20x1 is P5,200,000. NURTURE estimates that if the building is sold currently on December 31, 20x1, costs to sell amount to P200,000. NURTURE uses the straight line method in depreciating its PPE. NURTURE uses the fair value model for its investment properties. The year-end adjusting entry will include *

Name: On January 1, 20x1, NURTURE REARCo. acquired a building with anestima
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Description: On January 1, 20x1, NURTURE REARCo. acquired a building with anestimated useful life of 10 years andresidual value of P400,000 for atotal cost of P4,000,000. The fairvalue of the building on January 1,20x1 is P4,800,000 while the fairvalue on Decemb

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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