Property, Plant and Equipment (Part 2) 189 16. Foot Co. acquired a piece of land in 20x1 for P6,000,000. Foot Co. subsequently revalued the land as follows: Fair value Date Dec. 31, 20x4 7,000,000 Dec. 31, 20x9 5,600,000 What amounts are recognized in Foot Co.'s 20x9 Profit or loss - Increase (Decrease) a. (1,000,000) b. 0 OCI - Increase (Decrease) (400,000) (1,400,000) c. (1,400,000) d. (400,000) 0. (1,000,000)

Property, Plant and Equipment (Part 2) 189 16. Foot Co. acquired a piece of land in 20x1 for P6,000,000. Foot Co. subsequently revalued the land as follows: Fair value Date Dec. 31, 20x4 7,000,000 Dec. 31, 20x9 5,600,000 What amounts are recognized in Foot Co.'s 20x9 Profit or loss - Increase (Decrease) a. (1,000,000) b. 0 OCI - Increase (Decrease) (400,000) (1,400,000) c. (1,400,000) d. (400,000) 0. (1,000,000)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

T2.
nkt.3
(0) Problem 10-54 (LO 10-2, LO 10-3) (Algo) Skip to question Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1, Table 2, and Table 5.) Asset Date Placed in Service Original Basis Machinery October 25 $ 102,000 Computer equipment February 3 42,000 Delivery truck* March 17 55,000 Furniture April 22 182,000 Total $ 381,000 *The delivery truck is not a luxury automobile. In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $620,000. Problem 10-54 Part b (Algo) b. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect out of bonus depreciation (but does not take 179 expense)?
Subject: accounting
COTB MC Qu. 15-70 (Algo) Assume a company sold a... Assume a company sold a piece of equipment that had an original cost of $500,000 and accumulated depreciation of $300,000. The gain on the sale was $21,000. In addition, the beginning and ending balances in the company's Property, Plant, and Equipment account were $4,700,000 and $4,600,000, respectively. Based solely on the information provided, the company's net cash provided by (used in) investing activities would be: Multiple Choice $(179,000). $(200,000). O $(158,000). $(121,000).
Identy the type(s) of gain or loss that would be recognized on the following asset sales as capital, Section 1231, Ordinary, Section 1245 recapture, Section 291 recapture, or Section 125 unrecaptred gain. a. gain on the sale of stock by an individual ________________ b. gain on the sale of a building used for 15 years by a corporation_____________ c. gain on the sale of a machine used by a business for four years sold at a price less that its original cost____________________ d. gain on the sales of inventory______________________ e. loss on the sale of equipmment used in a business for three years_________ f. gain on the sale of a machine used by a business for 11 months__________ g. Loss on th factoring of receivables______________ h. gain on sales of a building used by a sole proprietorship for eight years in excess of its original cost._______________________
3
A
A8
pre.2
nku.3