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Prepare journal entries from January 1, 2019 to July 31, 2023.

Prepare journal entries from January 1, 2019 to July 31, 2023.

FINANCIAL ACCOUNTING
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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Prepare journal entries from January 1, 2019 to July 31, 2023. Problem 22-11 (ACP) Garrulous Company insured the life of the president for P2,000,000, the entity being the beneficiary of an ordinary life policy. The annual premium is P60,000. The policy was datéd January 1, 2019 and carried the following cash surrender value: End of policy year Cash surrender value 2019 2020 2021 2022 2023 60,000 84,000 116,000 The entity followed the calendar year as the accounting period. The president died on June 30, 2023 and the policy was collected on July 31, 2023. Required: Prepare journal entries from January 1, 2019 to July 31, 2023.
Transcribed Image Text:Prepare journal entries from January 1, 2019 to July 31, 2023. Problem 22-11 (ACP) Garrulous Company insured the life of the president for P2,000,000, the entity being the beneficiary of an ordinary life policy. The annual premium is P60,000. The policy was datéd January 1, 2019 and carried the following cash surrender value: End of policy year Cash surrender value 2019 2020 2021 2022 2023 60,000 84,000 116,000 The entity followed the calendar year as the accounting period. The president died on June 30, 2023 and the policy was collected on July 31, 2023. Required: Prepare journal entries from January 1, 2019 to July 31, 2023.
2. Indicate the classification of the assets that are excluded PROBLEMS Problem 22-1 (IFRS) Classic Company and its subsidiaries own the following properties that are accounted for in accordance with international accounting standards: Land held by the parent for undetermined use 5,000,000 A vacant building owned by the parent and to be leased out under an operating lease 3,000,000 Property held by a subsidiary, a real estate firm, in the ordinary course of business 2,000,000 Property held by the parent for use in production 4,000,000 Building owned by a subsidiary and for which the subsidiary provides security and maintenance services to the lessees 1,500,000 Land leased by the parent to a subsidiary under an operating lease 2,500,000 Property under construction for use as investment property 6,000,000 Land held for future factory site 3,500,000 Machinery leased out by the parent to an unrelated party under an operating lease 1,000,000 Required: 1. Compute the total investment property that should be reported in the consolidated statement of financial position of Classic Company and its subsidiaries. from investment property.
Transcribed Image Text:2. Indicate the classification of the assets that are excluded PROBLEMS Problem 22-1 (IFRS) Classic Company and its subsidiaries own the following properties that are accounted for in accordance with international accounting standards: Land held by the parent for undetermined use 5,000,000 A vacant building owned by the parent and to be leased out under an operating lease 3,000,000 Property held by a subsidiary, a real estate firm, in the ordinary course of business 2,000,000 Property held by the parent for use in production 4,000,000 Building owned by a subsidiary and for which the subsidiary provides security and maintenance services to the lessees 1,500,000 Land leased by the parent to a subsidiary under an operating lease 2,500,000 Property under construction for use as investment property 6,000,000 Land held for future factory site 3,500,000 Machinery leased out by the parent to an unrelated party under an operating lease 1,000,000 Required: 1. Compute the total investment property that should be reported in the consolidated statement of financial position of Classic Company and its subsidiaries. from investment property.
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