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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

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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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
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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