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- please help answerAcruni Co. had the following loans in place at the beginning of 2019. 1 January 2019 GHC m 10% Bank loan repayable 2020 9.5% Bank loan repayable 2021 8.9% debenture repayable 2024 120 80 100 On 1 January 2019, Acruni Co began construction of a qualifying asset, a piece of machinery for a hydroelectric plant, using existing borrowings. Expenditure drawn down for the construction was GHC30 million on 1 January 2019, and GHC20 million on 1 October 2019. Surplus funds were invested temporarily at a rate of 2%. Required a) Calculate the borrowing costs that can be capitalized for the piece of machinery. b) Compute the cost of the machinery that will be reported in the statement of financial position as at December, 2019 ATES)A company expects to retire an existing machine at the end of 2024 and will replace it with a new machine for the same task at an estimated cost of P60,035. The old machine is expected to be sold for P5,000 when it is replaced. To provide for the replacement, the company intends to deposit the following amounts in an account earning interest at 8% compounded quarterly: P20,000 at the end of 2021 P15,000 at the end of 2022 P10,000 at the end of 2023 What additional amount is needed at the end of 2024 to purchase the new machine? Draw the CFD.
- On December 31, 2020 you McCormick Ltd. Sells manufacturing equipment to a customer on the following terms. The purchase price of $650,000 will be payable as follows:12% immediately in cashThe remaining $572,000 in 6 years.Interest of 3% is payable each December 31 on the balance of $572,000.Write the journal entries for McCormick (the seller) for the years 2020 – 2022 assuming that the cash price of the equipment if purchased today would be $590,000.McCormick reports under IFRSPrepare all journal entries and adjusting journal entries necessary to record the information below for year 2022: On November 15, 2022, WTG purchased a patent for $49,500. It used an installment loan to purchase the patent. Payments are due on May 15 and November 15 of every year (so the first payment is due May 15 next year) for the next 5 years. The interest rate is 7%. See amortization table below: ■ Patent Loan Amortization Principal Interest Years Payments/year Payment Date 5/15/23 11/15/23 5/15/24 11/15/24 5/15/25 11/15/25 5/15/26 11/15/26 5/15/27 11/15/27 $49,500 7% 5 2 5,952 Interest Principal Payment Balance 49,500 5,952 45,281 5,952 40,913 5,952 36,393 5,952 5,952 5,952 5,952 5,952 5,952 5,952 1,733 4,219 1,585 4,367 4,520 4,678 4,842 941 5,011 765 5,187 584 5,368 396 5,556 201 5,751 1,432 1,274 1,110 31,715 26,873 21,862 16,675 11,307 5,751 0Please assist
- solve both a and b Acruni Co. had the following loans in place at the beginning of 2019. 1 January 2019 GHC m10% Bank loan repayable 2020 1209.5% Bank loan repayable 2021 808.9% debenture repayable 2024 100On 1 January 2019, Acruni Co began construction of a qualifying asset, a piece of machinery for a hydroelectric plant, using existing borrowings. Expenditure drawndown for the construction was GHc30 million on 1 January 2019, and GHc20million on 1 October 2019. Surplus funds were invested temporarily at a rate of 2%. Requireda) Calculate the borrowing costs that can be capitalized for the piece ofmachinery. b) Compute the cost of the machinery that will be reported in the statementof financial position as at December ,2019Q...1 Benson Limited is constructing a Power Plant which was completed on 31st December 2019. The company obtained a bank loan of R1,000,000 at a rate of 15% per annum to construct the Power Plant on 1st January 2019. As of 31st December 2019, Benson Limited also had the following loans outstanding: I. 18% 5-year loan Note of R1,500,000 II. 14% Debentures of R1,000,000 Expenditures on the project were made as follows: I. On the 31st March 2019, R600,000 was incurred; II. R800,000 was incurred on 30th June 2019; III. The final expenditure incurred was R300,000 on 31st December 2019. During the year Benson Limited invested R400,000 of the bank loan for 2 months at an interest of 9% per annum. Required: Determine the amount of borrowing costs to be capitalized and expensed.B KANE Current Attempt in Progress Cheyenne Industries has the following patents on its December 31, 2024, balance sheet. Patent Item i Initial Cost Patent A Patent B Patent C 22 $44,268 $17,040 $22.560 Year 2026 2027 Date Acquired The following events occurred during the year ended December 31, 2025. Expected Future Cash Flows 3/1/21 7/1/22 9/1/23 1 Research and development costs of $247,000 were incurred during the year Patent D was purchased on July 1 for $37,848. This patent has a useful life of 9 years. As a result of reduced demands for certain products protected by Patent B, a possible impairment of Patent B's value may have occurred at December 31, 2025. The controller for Cheyenne estimates the expected future cash flows from Patent B will be as follows $2,200 2/200 Useful Life at Date Acquired 17 years 10 years 4 years
- Benson Limited is constructing a Power Plant which was completed on 31st December 2019. The company obtained a bank loan of R1,000,000 at a rate of 15% per annum to construct the Power Plant on 1st January 2019. As of 31st December 2019, Benson Limited also had the following loans outstanding:I. 18% 5-year loan Note of R1,500,000II. 14% Debentures of R1,000,000Expenditures on the project were made as follows:I. On the 31st March 2019, R600,000 was incurred;II. R800,000 was incurred on 30th June 2019;III. The final expenditure incurred was R300,000 on 31st December 2019.During the year Benson Limited invested R400,000 of the bank loan for 2 months at an interest of 9% per annum.Required: Determine the amount of borrowing costs to be capitalized and expensed.Use the Present Value tables found in Appendix E, of your textbook, to answer the following questions. Round each portion of your answer to the nearest dollar. On January 1, 2021, Advance Auto purchased a machine and made a cash down payment of $2,400. The seller agreed to allow Advance Auto to pay for the balance of the machine over a 3-year period at 10% interest and with equal payments of $10,133 due at the end of 2021, 2022, and 2023. What amount should Advance Auto record the asset account, Machine, for on the day the contract was initiated? (Round to the nearest dollar.) Select one: O O O a. $30,399 b. $27,599 c. $28,800 d. $26,400 e. $25,199 xplease help answer