Tamarisk Brothers Inc. purchased land and an old building with the intention c company's new corporate headquarters on the land. The land and old building $6,380. The old building was removed at a cost of $47,600. After readying the construction to begin, Tamarisk generated net revenue of $4,010 from using t Determine the amount to be recorded as the land cost, and the treatment of t statements in accordance with (a) IFRS and (b) ASPE. IFRS ASPE
Tamarisk Brothers Inc. purchased land and an old building with the intention c company's new corporate headquarters on the land. The land and old building $6,380. The old building was removed at a cost of $47,600. After readying the construction to begin, Tamarisk generated net revenue of $4,010 from using t Determine the amount to be recorded as the land cost, and the treatment of t statements in accordance with (a) IFRS and (b) ASPE. IFRS ASPE
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Tamarisk Brothers Inc. purchased land and an old building with the intention of removing the old building and then constructing the
company's new corporate headquarters on the land. The land and old building were purchased for $559,000. Closing costs were
$6,380. The old building was removed at a cost of $47,600. After readying the land for its intended use, and while waiting for
construction to begin, Tamarisk generated net revenue of $4,010 from using the land as a parking lot.
Determine the amount to be recorded as the land cost, and the treatment of the net revenue of $4,010, if Tamarisk prepares financial
statements in accordance with (a) IFRS and (b) ASPE.
Land cost
$
The net revenue of $4,010
should be
IFRS
ASPE
IFRS
ASPE
>
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