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- Vaughn County owned an idle parcel of real estate consisting of land and a factory building. Vaughn gave title to this realty to Cullumber Company as an incentive for Cullumber to establish manufacturing operations in the County. Cullumber paid nothing for this realty, which had a fair value of $200000 at the date of the grant. Cullumber should record this nonmonetary transaction as a credit to Contribution Revenue for $200000. credit to Comprehensive Income for $200000. credit to Donated Capital for $200000. memo entry only.Tteokguk Foundation, a governmental unit, owned an idle parcel of real estate consisting of land and factory building. Tteokguk gave the title to this realty to Jangjorim Company as an incentive for a condition that Jangjorim to establish the business operations in the area. Jangjorim paid nothing to this realty which had a fair market value of P2,000,000 at the date of grant. How would Jangjorim record this non-monetary transaction?Tteokguk Foundation, a governmental unit, owned an idle parcel of real estate consisting of land and factory building. Tteokguk gave the title to this realty to Jangjorim Company as an incentive for a condition that Jangjorim to establish the business operations in the area. Jangjorim paid nothing to this realty which had a fair market value of P2,000,000 at the date of grant. How would Jangjorim record this non-monetary transaction? a.credit to unearned income from government grant for P2,000,000 b. credit to retained earnings for P2,000,000 c. memo entry only. d. credit to donated capital for P2,000,000
- ABC Cooperative paid municipal taxes and license fees to the city government unaware that under a new law it was exempt from all taxes and government fees. Later, ABC Cooperative learned of its exemption and sought to recover from the city government the taxes it paid. Question: Can ABC Cooperative recover the taxes it earlier paid to the city government? Why or why not?The City of Wilson receives a large sculpture valued at $240,000 as a gift to be placed in front of the municipal building. Assume that the city reports the work as a capital asset. Which of the following is true? Choose the correcta. Depreciation is not recorded because the city has no cost.b. Depreciation is not required if the asset is viewed as being inexhaustible.c. Depreciation must be recognized because the asset is capitalized.d. Because the property was received as a gift, recognition of depreciation is optional.In which of the following situations would an entity have a decommissioning obligation? Assume all companies follow IFRS. Question 2 options: a) Kennedy Corp. is constructing a bridge over a creek and a city inspector has indicated that if the creek is damaged, the company will be responsible for the restoration. Kennedy has estimated that there is a 5% chance of damage, and if it occurs, the cost of restoration will be approximately $120,000. b) Salem Cable Co. is in negotiations to build a new distribution facility. Based on the current planned design, the facility is expected to be dismantled in 30 years for $2.5 million. Once the company finds a project manager in the next three months, it expects to sign the final contract for construction. c) Horace Ltd. is developing 80 natural gas wells in a remote area of northern British Columbia. Horace expects that if it were to restore the wells after drilling is…
- The City of Sanderville donated land to Max Company. The fair value of the land was $100,000. The city purchased the land at a cost of $45,000. Under the recommendations outlined by the Financial Accounting Standards Board (FASB), the land should be recorded at its original cost. Select one: True FalseDuring the current year, a government buys land for $80,000. Which of the following is not true? Choose the correct.a. The land could be reported as an asset by the business-type activities in the government-wide financial statements.b. The land could be reported as an asset by the governmental activities in the government-wide financial statements.c. The land could be reported as an asset by the proprietary funds in the fund financial statements.d. The land could be reported as an asset by the governmental funds in the fund financial statements.Twin Corporation, a calendar year C Corporation, owned land it used in its business operations. The land had been purchased 7 years ago and had an adjusted basis of $800,000. The land was condemned by the State of Minnesota to expand a two-lane county highway to four lanes. On February 1, 2019, the State of Minnesota paid Twin Corporation $1,200,000 for the land. The condemnation was an involuntary conversion under IRC Section 1033. On November 1, 2019, Twin Corporation purchased a new parcel of land for $1,130,000 by using the condemnation proceeds. Under the circumstances, what is Twin Corporation Corporation’s recognized gain or loss on the involuntary conversion and its basis in the new land? Question 3 options: a) Recognized gain = $0. New Basis = $800,000. b) Recognized gain = $70,000. New Basis = $800,000. c) Recognized gain = $400,000. New Basis = $1,200,000. d)…
