Compute the DD&A based on equivalent energy units for 2020. Show ALL workings
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- On November 15, 2020, Diamond Company entered into a commitment to purchase 10,000 ounces of gold on February 15, 2021 at a price of P310 per ounce. On December 31, 2020, the market price of gold is P270 per share ounce. On February 15, 2021, the price of gold is P300 per ounce. 1. What is the loss on purchase commitment to be recognized on December 31, 2020? a. 400,000 b. 100,000 c. 300,000 d. 0 2. What is the gain on purchase commitment to be recognized on February 15, 2021? a. 400,000 b. 300,000 c. 100,000 d. 0 3. What amount should be debited to purchases on February 15, 2021? a. 3,000,000 b. 3,100,000 c. 2,700,000 d. 3,500,000 4. What amount should be recognized as accounts payable on February 15, 2021? a. 2,700,000 b. 3,100,000 c. 3,500,000 d. 3,000,000Net income for Inkaleb Inc. for 2020 includes the effect of the following transactions involving the sale of fixed assets. Asset Sales Price Cost Gain (Loss)X P20,000 P 80,000 P 10,000Y 25,000 150,000 (18,000)Purchases of fixed assets during 2020 amounted to P340,000. The Accumulated Depreciation account increased P40,000 during 2020. How much is the depreciation expense for 2020?6. ABC Company has equipment acquired on January 1, 2018, at a cost of P2,200,000 with an estimated residual value of P200,000 and 20 years estimated useful life. On December 31, 2020, the fair value of the equipment is P2,000,000, and revised residual value of P300,000. Round off percentage to whole number and to nearest peso if you are required to gross up. The amount of revaluation surplus to be recognized in the year of revaluation is?
- 2. ABC Company has equipment acquired on January 1, 2018, at a cost of P2,200,000 with an estimated residual value of P200,000 and 20 years estimated useful life. On December 31, 2020, the fair value of the equipment is P2,000,000, and revised residual value of P300,000. Round off percentage to the whole number and to the nearest peso if you are required to gross up. The carrying value of the equipment on December 31, 2021 is?During 2020, Prospect Company incurred P4,000,000 in exploration cost for each of the 15 oil wells drilled in 2020. Of the 15 wells drilled, 10 were dry holes. The entity used the successful effort method of accounting. The entity depleted 30% of the oil discovered in 2020. What amount of exploration cost should be reported in the December 31, 2020 statement of financial position? a.42,000,000b.14,000,000c.20,000,000d.6,000,000Alta Company is constructing a production complex that qualifies for interest capitalization. The following information is available: Capitalization period: January 1, 2019, to June 30, 2020 Expenditures on project: 2019: January 1 $ 456,000 May 1 417,000 October 1 648,000 2020: March 1 1,512,000 June 30 708,000 Amounts borrowed and outstanding: $1.7 million borrowed at 10%, specifically for the project $7 million borrowed on July 1, 2018, at 12% $14 million borrowed on January 1, 2017, at 6% Required: Note: Round all final numeric answers to two decimal places. Compute the amount of interest costs capitalized each year. Capitalized interest, 2019 $___________________ Capitalized interest, 2020 $___________________ If it is assumed that the production complex has an estimated life of 20 years and a residual value of $0, compute the straight-line depreciation in 2020. $________________
- Alta Company is constructing a production complex that qualifies for interest capitalization. The following information is available: Capitalization period: January 1, 2019, to June 30, 2020 Expenditures on project: 2019: January 1 $ 504,000 May 1 405,000 October 1 504,000 2020: March 1 1,392,000 June 30 540,000 Amounts borrowed and outstanding: $1.6 million borrowed at 10%, specifically for the project $6 million borrowed on July 1, 2018, at 12% $13 million borrowed on January 1, 2017, at 6% Instructions: Note: Round all final numeric answers to two decimal places. Compute the amount of interest costs capitalized each year. Capitalized interest, 2019 $ fill in the blank 1 Capitalized interest, 2020 $ fill in the blank 2 If it is assumed that the production complex has an estimated life of 20 years and a residual value of $0, compute the straight-line depreciation in 2020. $ fill in the blank 3Alta Company is constructing a production complex that qualifies for interest capitalization. The following information is available: Capitalization period: January 1, 2019, to June 30, 2020 Expenditures on project: 2019: January 1 $ 456,000 May 1 489,000 October 1 588,000 2020: March 1 1,572,000 June 30 552,000 Amounts borrowed and outstanding: $1.7 million borrowed at 10%, specifically for the project $6 million borrowed on July 1, 2018, at 12% $10 million borrowed on January 1, 2017, at 6% Required: Note: Round all final numeric answers to two decimal places. Compute the amount of interest costs capitalized each year. Capitalized interest, 2019 $ fill in the blank 1 Capitalized interest, 2020 $ fill in the blank 2 If it is assumed that the production complex has an estimated life of 20 years and a residual value of $0, compute the straight-line depreciation in 2020. $ fill in the blank 3Music Corporation had current assets of P2,000,000 at the end of 2020 and P1,800,000 at the end of 2019. In addition, Music had current liabilities of P1,000,000 in 2020 and P1,500,000 in 2019. Using this information, Music’s net current asset investment for 2020 was P700,000 P(300,000) P300,000 P(700,000)
- On January 1, 2021, ABC Company sold machinery with carrying amount of P550,000 for P800,000, which is the fair value of the asset on this date, and then immediately leased the machine back for P160,000 annually payable in advance for five years. The implicit rate is 12%. Using four decimal places as PV factors, which of the following will be part of the compound journal entry ABC Company will prepare on January 1, 2021? A. Debit Cash, P800,000 B. Credit Lease liability, P645,968 C. Credit Gain on Sale-Leaseback, P48,315 D. Debit Right-of-Use Machinery, P444,103Trecek Corporation incurs research and development costs of $612,000 in 2020, 30 percent of which relate to development activities subsequent to IAS 36 criteria having been met that indicate an intangible asset has been created. The newly developed product is brought to market in January 2021 and is expected to generate sales revenue for 10 years. Assume that Trecek Corporation is a U.S.-based company that is issuing securities to foreign investors who require financial statements prepared in accordance with IFRS. Thus, adjustments to convert from U.S. GAAP to IFRS must be made. Ignore income taxes. Required: Prepare journal entries for research and development costs for the years ending December 31, 2020, and December 31, 2021, under (1) U.S. GAAP and (2) IFRS. Prepare the entry(ies) that Trecek would make on the December 31, 2020, and December 31, 2021, conversion worksheets to convert U.S. GAAP balances to IFRS.On January 1, 2021, ABC Company sold machinery with carrying amount of P550,000 for P800,000, which is the fair value of the asset on this date, and then immediately leased the machine back for P160,000 annually payable in advance for five years. The implicit rate is 12%. Using four decimal places as PV factors, which of the following will be part of the compound journal entry ABC Company will prepare on January 1, 2021? Debit Cash, P800,000 Credit Lease liability, P645,968 Credit Gain on Sale-Leaseback, P48,315 Debit Right-of-Use Machinery, P444,103