What should be the carrying amount of the machine as of December 31, 2021? QUESTION 2: What is the deferred income balance at December 31, 2021?

Q: __________1. Loss on repayment of government grant on January 1, 2023 if the company accounts for…

A: Answer 1.  If the government grant is accounted as deferred income, then deferred income will be…

Q: On April 27, 2021, BatoBatoPik purchased for P6,000,000 a warehouse building and the land on which…

A: Warehouse should be recorded at = Total amount paid x Current appraised value of warehouse / Total…

Q: PROBLEM N: At the beginning of 2018, Downtown Company acquired an intangible asset for P3,000,000.…

A: Answer 21) Calculation of impairment loss to be recognised by the company for the year 2018:::…

Q: At the beginning of the year 2019. Itlog Company has an investment property acquired at a cost of $…

A: At beginning of year 2019, Itlog company acquired property at cost = $2000000 Useful life of…

Q: In 2016 Sanford LTD. received a government grant of $100,000 to be used for the purchase of a…

A: Accounting treatment for government grants received.

Q: conditions.   What is the depreciation for 2019? What is the depreciation for 2021? What is the…

A: The question is related to Government Garant. Required  What is the depreciation for 2019? What is…

Q: On January 1, 2022, ABC Organization, a non-profit private organization, received the gift of a…

A: On January 1, 2022, ABC Organization booked the building at the fair value at date of donation i.e.…

Q: • Hall, Inc. purchases an asset for $3,000,000. As of December 31, 2021, the Accumulated…

A: From the given information, The asset’s carrying cost = $3,000,000 - $1,200,000 = $1,800,000…

Q: Rigg Owusu Enterprises Ltd bought a machine for GH₵ 150,000 on 1st January 2019. It depreciates the…

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

Q: Land was acquired in 2021 for a future building site at a cost of $41,600. The assessed valuation…

A: Historical cost principle is one of useful accounting principle which is being used in business. As…

Q: PEARS Company owned three investment properties. Details of the properties are as follows:  (See…

A: As per the knowledge provided the investment properties square measure to be measured at an honest…

Q: 1. During the year ended December 31, 2021, management of Alpha Corporation (the Company) decided to…

A: 1. Tax gain on sale of equipment: Tax gain on sale of equipment = Sale value – (Original cost –…

Q: On January 1, 2021, Entity A received land with fair of ₱200,000 from the government conditioned on…

A: Depreciation is the allocation of cost of the asset over the useful life of the asset. There are…

Q: On January 1, 2019, Yolanda Company purchased a plating machine for P5,400,000. Yolanda received a…

A: The question is related to Government Grant. The details are under  Cost of Planting machine as on…

Q: PEARS Company owned three investment properties. Details of the properties are as follows in the…

A: Investment properties are land or buildings and building can be a part of building. The land and…

Q: Robust Company purchased an investment property on January 1, 2019, at a cost of P4,000,000. The…

A: A recognized gain occurs when an investment or asset is sold for a price that is larger than what…

Q: On September 30, 2020 AssetsToGo Company (ATG) agreed to an exchange of assets with another company.…

A: ''Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Pearl Limited purchased an asset at a cost of $20,000 on March 1, 2023. The asset has a useful life…

A: Capital cost allowance (CCA) is a deduction that can be claimed by taxpayers for several years for…

Q: 1. On January 1, 2018, Navy Company purchased Patent X from the inventor at a price of P180,000.…

A: The question is related to Intangible Assets. Required  a. Entries to record purchase of patent X…

Q: depreciation expense

A: Depreciation expense = (Cost or last fair value - Residual value)/Useful life in years

Q: On April 1, 2018, the Apex Corporation sold a parcel of underdeveloped land to the Applegate…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: What amount shall be presented in the statement of financial position at December 31, 2021 as…

A: The price at which the asset might be transferred in an arms-length transaction between…

Q: At the beginning of the current year, Peace Company purchased a machine for P 7,000,000 and received…

A: Journal entries are used to record the accounting transactions in chronological order under double…

Q: y Inc. had the following transactions related to intangibles during the year: • On January 1, 2022,…

A: Book value of the franchise include all payments done for acquiring the rights of franchise. That…

Q: HMI Building Ltd. (HBL) purchased a piece of vacant land on March 1, 2020, for $345,000, and…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: On October 01, 2021, a national government agency purchased and delivered 30 units of Communication…

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

Q: investment property

A: We know that as per IAS 40 investment property can be valued at cost or Fair value . Investment…

Q: On April 27, 2021, BatoBatoPik purchased for P6,000,000 a warehouse building and the land on which…

A: Particulars Current Appraised Value Land P2,200,000 Warehouse P3,300,000 Total…

Q: Russell Company acquired land in 2023 for a building site at a cost of $40,000. A building was…

A: The objective of the question is to determine the value that should be reported for the land in the…

Q: How much is the carrying value of the overpass as of December 31, 2021 assuming ABC used the…

A: Given Cost of overpass = 25000000 Life = 20years  Depreciation per year = 25000000/20 = 12500000

Q: What is the loss on repayment of the grant on January 1, 2022? What is the depreciation of the…

A: The solutions are as per your requirement which relate to the situation number 2 Depreciation is a…