What is the total cost of land improvements on December 31, 2019?What is the total of Machinery on December 31, 2019?What is the total cost of building on December 31, 2019?What is the total cost of land on December 31, 2019? January 1, 2019, an entity disclosed the following balances:Land4,000,000Land improvementsBuildingMachinery1,300,00020,000,0008,000,000During the current year, the following transactions occurred:• A tract of land was acquired for 2,000,000 cash as a building site.• A plant facility consisting of land and building was acquired in exchange for 200,000shares of the entity. On the acquisition date, each share had a quoted price of P45 on astock exchange. The plant facility was carried on the seller's books at P1,600,000 forland and P5,400,000 for the building at the exchange date. Current appraised values forthe land and the building, respectively are P2,000,000 and 8,000,000. The building hasan expected life of 20 years with a 200,000 residual value.Machinery was purchased for 4,000,000. Additional costs incurred were freight andunloading P100,000 and installation P300,000. The machinery had a useful life of tenyears with no residual value.Expenditures totaling P1,200,000 were made for new parking lot, street and sidewalksat the entity's various plant locations. These expenditures had an estimated life of 15years.Research and development costs totaled P1,100,000 for the yearA machine costing P200,000 on January 1, 2011 was scrapped on June 30,2019. Straightline depreciation had been recorded on the basis of a 10-year life with no residual value.A machine was sold for P500,000 on July 1,2019. Original cost of the machine sold wasP700,000 on January 1, 2019, and it was depreciated on the straight line basis over anestimated useful life of eight years and a residual value of 50,000.

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What is the total cost of land improvements on December 31, 2019? What is the total of Machinery on December 31, 2019? What is the total cost of building on December 31, 2019?

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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