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: 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: n January 1, 2021, Entity A received land with fair of PHP 200,000 from the govermment nditioned on…

A: In the given case Entity A receives from Government PHP 200,000 for constuction of building purpose.…

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: Situation 1 On January 1, 2020, another entity purchased equipment costing P4,800,000 with a 6-year…

A: Deferred Income Approach It is the method where income is spread over the period in which related…

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: 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: 1.What is the carrying amount of the impaired asset on December 31, 2027? 2. What amount should be…

A: Carrying amount is the amount at which an asset is recognised after deducting any accumulated…

Q: On December 30, 2019, Machine M with a carrying amount of 120,000 (Cost 400,000) and a fair value of…

A: On December 30, 2019, Machine M with a carrying amount of 120,000 (Cost 400,000) and a fair value of…

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: 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: the straight-line method. nuary 2, 2021, Chamber Company fied this asset as held for sale. Buil to…

A: A Fixed Asset is usually reported at the cost or fair value unless and until it is meant to be sold.

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

A: Carrying Amount  as on December 31, 2020 is p 3,000,000  refer step 2 for explanation

Q: 2. On January 1, 2021, Entity A received land with fair of 200,000 from the government conditioned…

A: a) The income from government gran tin 2021 and 2022 is  2021 - 200,000 2022 - 0 Note :- The…

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: 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: make a journal entry recorded by PT Astina regarding the land in 2019. b. Describe how the…

A:

Q: Depletion Feller Company purchased a site for a limestone quarry for $100,000 on January 2, 2019. It…

A: Ending inventory in tons = 80,000 - 60,000 Ending inventory in tons = 20,000 tons

Q: 3. On February 1, 2019, Tak Co. purchased a land and building for 10,000,000 as a factory site. The…

A: solution given Combined purchase price 10,000,000 Fair value of land 9,500,000 Fair…

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: 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: Complete the following table. (Enter negative amounts using either a negative sign preceding the…

A: The revaluation method is used to adjust the book value of assets based on changes in the market…

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…

Q: Company H started its operations in 2021 and made the following asset purchases:   asset…

A: GIVEN   Company H started its operations in 2021 and made the following asset purchases:…

Q: Michael Company acquired a depreciable asset at the beginning of 2020 at a cost of $30 million. On…

A: Lets understand the basics. As per IAS 36 "Impairment of assets", when carrying value of asset is…

Q: Black Widow Corporation engaged you for the first time to audit their financial statements as of and…

A: Intangible assets - Intangible assets are assets that are not tangible or physical in nature and are…

Q: Black Widow Corporation engaged you for the first time to audit their financial statements as of and…

A: Intangibles as of 31.12.2020 Life Balance as of 31.12.2020 Patent A 10 years 1,317,500 Patent B…

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

A: Under the fair valuation model, all of the investment has been valued at fair value as on every…

Q: PT Adista owns land that was purchased in cash on January 2, 2018 at a cost of IDR 1,000,000,000.…

A: There are two methods for subsequent accounting of the fixed assets; which are, Cost model and the…

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

A: Particulars Current Appraised Value Original Cost Land P2,200,000 P1,800,000 Warehouse…

Q: 22) Maker Company purchased a varnishing machine for P450,000 on January 1. 2023. The company…

A: As Given on January 1, 2023, the manufacturer firm acquired a varnishing equipment for P 450.000. In…