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- Utica Corporation paid 360,000 to purchase land and a building. An appraisal showed that the land is worth 100,000 and the building is worth 300,000. What cost should Utica assign to the land and to the building, respectively?Comprehensive: Acquisition, Subsequent Expenditures, and Depreciation On January 2, 2019, Lapar Corporation purchased a machine for 50,000. Lapar paid shipping expenses of 500, as well as installation costs of 1,200. The company estimated that the machine would have a useful life of 10 years and a residual value of 3,000. On January 1, 2020, Lapar made additions costing 3,600 to the machine in order to comply with pollution-control ordinances. These additions neither prolonged the life of the machine nor increased the residual value. Required: 1. If Lapar records depreciation expense under the straight-line method, how much is the depreciation expense for 2020? 2. Assume Lapar determines the machine has three significant components as shown below. If Lapar uses IFRS, what is the amount of depreciation expense that would be recorded?The following intangible assets were purchased by Hanna Unlimited: A. A patent with a remaining legal life of twelve years is bought, and Hanna expects to be able to use it for six years. It is purchased at a cost of $48,000. B. A copyright with a remaining life of thirty years is purchased, and Hanna expects to be able to use it for ten years. It is purchased for $70,000. Determine the annual amortization amount for each intangible asset.
- Gray Companys financial statements showed income before income taxes of 4,030,000 for the year ended December 31, 2020, and 3,330,000 for the year ended December 31, 2019. Additional information is as follows: Capital expenditures were 2,800,000 in 2020 and 4,000,000 in 2019. Included in the 2020 capital expenditures is equipment purchased for 1,000,000 on January 1, 2020, with no salvage value. Gray used straight-line depreciation based on a 10-year estimated life in its financial statements. As a result of additional information now available, it is estimated that this equipment should have only an 8-year life. Gray made an error in its financial statements that should be regarded as material. A payment of 180,000 was made in January 2020 and charged to expense in 2020 for insurance premiums applicable to policies commencing and expiring in 2019. No liability had been recorded for this item at December 31, 2019. The allowance for doubtful accounts reflected in Grays financial statements was 7,000 at December 31, 2020, and 97,000 at December 31, 2019. During 2020, 90,000 of uncollectible receivables were written off against the allowance for doubtful accounts. In 2019, the provision for doubtful accounts was based on a percentage of net sales. The 2020 provision has not yet been recorded. Net sales were 58,500,000 for the year ended December 31, 2020, and 49,230,000 for the year ended December 31, 2019. Based on the latest available facts, the 2020 provision for doubtful accounts is estimated to be 0.2% of net sales. A review of the estimated warranty liability at December 31, 2020, which is included in other liabilities in Grays financial statements, has disclosed that this estimated liability should be increased 170,000. Gray has two large blast furnaces that it uses in its manufacturing process. These furnaces must be periodically relined. Furnace A was relined in January 2014 at a cost of 230,000 and in January 2019 at a cost of 280,000. Furnace B was relined for the first time in January 2020 at a cost of 300,000. In Grays financial statements, these costs were expensed as incurred. Since a relining will last for 5 years, Grays management feels it would be preferable to capitalize and depreciate the cost of the relining over the productive life of the relining. Gray has decided to nuke a change in accounting principle from expensing relining costs as incurred to capitalizing them and depreciating them over their productive life on a straight-line basis with a full years depreciation in the year of relining. This change meets the requirements for a change in accounting principle under GAAP. Required: 1. For the years ended December 31, 2020 and 2019, prepare a worksheet reconciling income before income taxes as given previously with income before income taxes as adjusted for the preceding additional information. Show supporting computations in good form. Ignore income taxes and deferred tax considerations in your answer. The worksheet should have the following format: 2. As of January 1, 2020, compute the retrospective adjustment of retained earnings for the change in accounting principle from expensing to capitalizing relining costs. Ignore income taxes and deferred tax considerations in your answer.As at 31 December 2020, Aura Plc has a development asset on its Statementof Financial Position of £378,000 in respect of Project Alpha. Project Alphacommenced on 1 July 2020 and costs have been incurred evenly since thatdate. All costs have been capitalised since 1 July 2020.When reviewing the financial statements ahead of year end, it was discoveredthat this project was only determined to be commercially viable from 1 August2020.Which journal entry is required to correct the financial statements of Aura Plcfor the year ended 31 December 2020?a) DEBIT Research costs- Income statement £63,000CREDIT Intangible assets £63,000b) DEBIT Research costs- Income statement £31,500CREDIT Intangible assets £31,500c) DEBIT Intangible assets £63,000CREDIT Research costs- Income statement £63,000d) DEBIT Research costs- Income statement £315,000CREDIT Non-current assets £315,000On December 31, 2021, management of Jines Construction committed to a plan for selling an office building and its related equipment. Both are available for immediate sale. The building has a book value of $800,000 and a fair value of $900,000. The equipment has a book value of $240,000 and a fair value of $200,000. Calculate the amount that each asset will be reported at in the balance sheet and the amount of any gain or loss that will be reported in the income statement for the year ended December 31, 2021. Management expects to sell both assets in 2022.
- Extreme UV Inc. has accumulated development costs that meet the criteria for capitalization at December 31,2022, amounting to P39,000. It is estimated that the useful life of this intangible asset will be six years; accordingly, amortization of P6,500 per year is anticipated. Extreme UV, Inc. uses the allowed alternative method of accounting for its long-lived tangible and intangible assets. At December 31, 2024, it obtains market information regarding the then- current fair value of this intangible asset, which suggests a current fair value of these development costs is P40,000; the estimated useful life, however, has not changed. I the “netting” method is used, the amount of other comprehensive income recognized from the revaluation at December 31, 2024 is ____________Extreme UV Inc. has accumulated development costs that meet the criteria for capitalization at December 31,2022, amounting to P39,000. It is estimated that the useful life of this intangible asset will be six years; accordingly, amortization of P6,500 per year is anticipated. Extreme UV, Inc. uses the allowed alternative method of accounting for its long-lived tangible and intangible assets. At December 31, 2024, it obtains market information regarding the then- current fair value of this intangible asset, which suggests a current fair value of these development costs is P40,000; the estimated useful life, however, has not changed. If the “gross up” revaluation method is used, how much is the gross fair value of the intangible asset as of December 31, 2024?lab Company’s accounting policy with respect to investment properties is to measure them at fair value at the end of each reporting period. One of its investment properties was measured at P8,000,000 on December 31, 2020.The property had been acquired on January 1, 2020 for a total of P7,600,000, made up of P6,900,000 paid to the vendor. P300,000 paid to the local authority as a property transfer tax and P400,000 paid to professional advisers. The useful life of the property is 40 years. What is the gain to be recognized in profit or loss for the year ended December 31, 2020 in respect of the investment property? * P400,000 P590,000 P700,000 P800,000 answer not given
- Marigold Company uses IFRS and owns property, plant and equipment with a historical cost of 5320000 euros. At December 31, 2019, the company reported a valuation reserve of 8640000 euros. At December 31, 2020, the property, plant and equipment was appraised at 5550000 euros.The property, plant and equipment will be reported on the December 31, 2020 statement of financial position atSelected accounts included in the property, plant, and equipment section of Lobo Corporation’s balance sheet at December 31, 2019, had the following balances. LandLand improvementsBuildingsEquipment $300,000140,0001,100,000960,000 During 2020, the following transactions occurred. 1. A tract of land was acquired for $150,000 as a potential future building site. 2. A plant facility consisting of land and building was acquired from Mendota Company in exchange for 20,000 shares of Lobo’s common stock. On the acquisition date, Lobo’s stock had a closing market price of $37 per share on a national stock exchange. The plant facility was carried on Mendota’s books at $110,000 for land and $320,000 for the building at the exchange date. Current appraised values for the land and building, respectively, are $230,000 and $690,000. 3. Items of machinery and equipment were purchased at a total cost of $400,000. Additional costs were incurred as follows. Freight and…Marigold Company uses IFRS and owns property, plant and equipment with a historical cost of 5170000 euros. At December 31, 2019, the company reported a valuation reserve of 8640000 euros. At December 31, 2020, the property, plant and equipment was appraised at 5520000 euros.The property, plant and equipment will be reported on the December 31, 2020 statement of financial position at 5520000 euros. 8990000 euros. 5170000 euros. 8640000 euros.
