PROBLEMS Simple Company reported the following information i The entity purchased land on January 1, 2020 for P500,000 Problem 23-1 (IAA) relation to land: cash. On December 31, 2020, the land has a current On December 31, 2021, the land has a current replacement The entity sold the land for P1,000,000 cash on December replacement cost of P600,000. cost of P750,000. 31, 2022. On this date, the current replacement Cost of 1. What is the unrealized holding gain to be reported in the land is P800,000. 2020? 600,000 b. 500,000 100,000 d. a. с. 2 What is the unrealized holding gain to be reported i 2021? 250,000 b. 150,000 100,000 d. a. с. 3. What is the realized holding gain to be reported in 2022? a. 300,000 b. 250,000 50,000 d. c. 4. What is the gain on sale of land to be reported in 202. a. 500,000 b. 250,000 c. 200,000 d. 150,000
PROBLEMS Simple Company reported the following information i The entity purchased land on January 1, 2020 for P500,000 Problem 23-1 (IAA) relation to land: cash. On December 31, 2020, the land has a current On December 31, 2021, the land has a current replacement The entity sold the land for P1,000,000 cash on December replacement cost of P600,000. cost of P750,000. 31, 2022. On this date, the current replacement Cost of 1. What is the unrealized holding gain to be reported in the land is P800,000. 2020? 600,000 b. 500,000 100,000 d. a. с. 2 What is the unrealized holding gain to be reported i 2021? 250,000 b. 150,000 100,000 d. a. с. 3. What is the realized holding gain to be reported in 2022? a. 300,000 b. 250,000 50,000 d. c. 4. What is the gain on sale of land to be reported in 202. a. 500,000 b. 250,000 c. 200,000 d. 150,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Kindly provide solution and answer for the following 4 questions below:
Transcribed Image Text:The entity purchased land on January 1, 2020 for P500,,000
On December 31, 2021, the land has a current replacement
The entity sold the land for P1,000,000 cash on December
31, 2022. On this date, the current replacement Cost of
1. What is the unrealized holding gain to be reported in
Problem 23-2
Easy Company
for P5,000,000.
PROBLEMS
Problem 23-1 (IAA)
in
Depreciation i
The estimated
no residual va
relation to land:
A specific pri
on January 1.
replacement cost of P600,000.
cost of P750,000.
1. What am
historic:
a. 1,000
b. 1,500
1,12
d. 1,25-
the land is P800,000.
с.
2020?
a. 600,000
b. 500,000
100,000
d.
2. What ɛ
с.
currer
2. What is the unrealized holding gain to be reported i,
2021?
1,5
b. 1,2
a.
с. 1,0
d. 2,5
a. 250,000
b. 150,000
c. 100,000
d.
3. What
be re
3. What is the realized holding gain to be reported in
2022?
a.
b.
a. 300,000
b. 250,000
50,000
d.
с.
d.
с.
4. WE
4. What is the gain on sale of land to be reported in 2022
to
a. 500,000
b. 250,000
c. 200,000
d. 150,000
a.
C.
716
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