Uy Company acquired a tract of land on which was located an office building, a warehouse, and manager's residence for a lump sum of P49,500,000. The following data were taken relative to these assets. Land Office building Warehouse Manager's residence Appraised Value P21,875,000 20,000,000 9,375,000 5,000,000 P56,250,000 Vendor's Original Cost P 17,500,000 18,000,000 10,000,000 4,500,000 P50.000,000 Shortly after acquisition, modifications were made on the office building at a cost of P1,200,000.

Uy Company acquired a tract of land on which was located an office building, a warehouse, and manager's residence for a lump sum of P49,500,000. The following data were taken relative to these assets. Land Office building Warehouse Manager's residence Appraised Value P21,875,000 20,000,000 9,375,000 5,000,000 P56,250,000 Vendor's Original Cost P 17,500,000 18,000,000 10,000,000 4,500,000 P50.000,000 Shortly after acquisition, modifications were made on the office building at a cost of P1,200,000.

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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