On January, 2021, Joshtin Company owned an investment property which had an original cost of 7,250,000 and useful life of 50 years.   On December 31, 2021, the fair value was 6,100,000 and on December 31, 2022, the fair value was 6,000,000.   Under the fair value model, what is the expense to be recognized for the year ended December 31, 2022? 0 200,000 100,000 147,000

Q: On January 1, 2020, MANNCorp. has an investment property that was carried at fair value with a…

A: 1 There will be no journal entry for these transfers but changes in disclosures would be made

Q: esidual value. The asset is accounted for under t ut every three years. On December 31, 2025, th air…

A: Journal entries :A Journal Entry is a record of the business transactions in the accounting books of…

Q: During the 30th of June 2020, Hassen LLC sold a Non – Current Asset for OMR 40,000. The organization…

A: Depreciation reduces the carrying value each year.

Q: Situation 1 On January 1, 2020, another entity purchased equipment costing P4,800,000 with a 6-year…

A: Deferred Income Approach It is the method where income is spread over the period in which related…

Q: PEARS Company owned three investment properties. Details of the properties are as follows:  (See…

A: As per the knowledge provided the investment properties square measure to be measured at an honest…

Q: On January 1, 2021, Entity A received land with fair of ₱200,000 from the government conditioned on…

A: Depreciation is the allocation of cost of the asset over the useful life of the asset. There are…

Q: Five year property costing $25,000 was placed in service on January 11, 2020 and $75,000 of five…

A: Depreciation: Generally speaking, the word "depreciation" refers to an accounting process that is…

Q: PEARS Company owned three investment properties. Details of the properties are as follows in the…

A: Investment properties are land or buildings and building can be a part of building. The land and…

Q: Tanaka Company has land that cost $15,000,000. Its fair value on December 31, 2020, is $20,000,000.…

A: Assets are carried at the fair value on the date of revaluation under revaluation model for…

Q: Each property had an estimated useful life of 50 years. The accounting policy is to use the fair…

A: The company will invest in an investment to earn profit from the investment. Before investing, the…

Q: On 30 June 2019, TIE Ltd acquired a machire for $180 000 cash, with an expected useful life of 9…

A:

Q: a. Compute the amount of Aqua's recognized gain on the sale of the realty.

A: Capital gain refers to the profit that is earned when an asset, such as a stock, bond, real estate,…

Q: What is the primary purpose of financial accounting? A) To control the spending of a company B) To…

A: The primary purpose of financial accounting is to provide a clear and accurate financial picture of…

Q: Pearl Limited purchased an asset at a cost of $20,000 on March 1, 2023. The asset has a useful life…

A: Capital cost allowance (CCA) is a deduction that can be claimed by taxpayers for several years for…

Q: Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the…

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

Q: On December 31, 2020, MECH COMPAY’S only building has a carrying amount of P1,350,000. The net…

A: Impairment loss=1350000-950000=400000

Q: depreciation expense

A: Depreciation expense = (Cost or last fair value - Residual value)/Useful life in years

Q: D Company purchased an equipment at P6,500,000 on January 1, 2020 which will be used for a total of…

A: Revaluation Model A company has the choice to carry a fixed asset at its revalued value under the…

Q: Summer Corporation is a shipping container refurbishment company that measures its output by the…

A: Actual production = 38 units  Planned production = 40 units  Standard rate per unit = $700  Activity…

Q: Them Company has a single investment property, which had original cost of P5,800,000 and estimated…

A: In case of Fair value model, assets is measured at fair value and any change in fair value during…

Q: Hindi Kho Kaya Corporation is using the cost model for noncurrent assets. On November 1, 2020, the…

A: As per IFRS 5, Non current assets held for sale and discontinued operations,  Specifies that an…

Q: Clara Company purchased equipment for P5,000,000 on January 1, 2021 with a useful lite of 10 years…

A: VALUE OF PROPERTY IMMEDIATELY BEFORE THE CLASSIFICATION AS HELD FOR SALE AS ON 31ST DEC, 2022…

Q: An asset used in a 4-year project falls in the 5-year MACRS class, for tax purposes. The asset has…

A: Book value= (purchase price)*(1-sum of MACR rates from beginning to current date)= 20349349 *(1-(20%…

Q: On 1 July 2020, GTW Ltd purchased a machinery at $120,000. GTW Ltd adopts the cost model for the…

A: When an asset's recoverable amount is less than its carrying value, this is called an impairment…

Q: On May 12, 2020, calendar year Corp. A purchased residential real estate (apartment complex) at a…

A: MACRS Depreciation : Basis: $200,000 Recovery Period: 27.50 years Depreciation Method- Straight Line…