Entity A operates in a hyperinflationary economy. Entity A has the following assets before restatement on December 31, 20x1: Investment in bonds (amortized cost) P700,000 Land 1,000,000. The land was acquired on May 21, 20x0. The general price indices are as follows: May 21, 20x0 100; January 1, 20x1160; Average - 20x2 180; December 31, 20x1 220.What is the restated amount of the Investment in bonds? * Your answer

Entity A operates in a hyperinflationary economy. Entity A has the following assets before restatement on December 31, 20x1: Investment in bonds (amortized cost) P700,000 Land 1,000,000. The land was acquired on May 21, 20x0. The general price indices are as follows: May 21, 20x0 100; January 1, 20x1160; Average - 20x2 180; December 31, 20x1 220.What is the restated amount of the Investment in bonds? * Your answer

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter24: Multistate Corporate Taxation

Section: Chapter Questions

Problem 31P

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