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- 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.Assets Acquired by Exchange Bremer Company made the following exchanges of assets during 2019: 1. Acquired a more advanced machine worth 10,000 by paying 2,000 cash and giving up a machine that had originally cost 40,000 and has a book value of 12,000, 2. Acquired a building worth 55,000 by paying 5,000 cash and giving up a piece of land that had originally cost 35,000. 3. Acquired a more advanced machine worth 20,000 by paying 5,000 cash and giving up a machine that had originally cost 13,000 and has a book value of 11,000. 4. Acquired a car by giving up a truck that had originally cost 20,000, has a book value of 15,000, and has a blue book value of 16,800. In addition, the company received 1,000 cash. Required: Prepare Bremers journal entry for each exchange. Assume all exchanges were determined to have commercial substance.On July 1, 2018, Mundo Corporation purchased factory equipment for 50,000. Residual value was estimated at 2,000. The equipment will be depreciated over 10 years using the double-declining balance method. Counting the year of acquisition as one-half year, Mundo should record 2019 depredation expense of: a. 7,680 b. 9,000 c. 9,600 d. 10,000
- The following intangible assets were purchased by Goldstein Corporation: A. A patent with a remaining legal life of twelve years is bought, and Goldstein expects to be able to use it for seven years. B. A copyright with a remaining life of thirty years is purchased, and Goldstein expects to be able to use it for ten years. For each of these situations, determine the useful life over which Goldstein will amortize the intangible assets.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?Dayanara Company owns three properties which are classified as investment properties. Details of the properties are as follows: Initial Cost Fair Value 12/31/2019 Fair Value 12/31/2020 Property 1 2,700,000 3,200,000 3,500,000 Property 2 3,450,000 3,000,000 2,280,000 Property 3 3,300,000 3,900,000 3,400,000 Each property had an estimated useful life of 25 years. The entity’s accounting policy is to use the fair value model for investment properties. What is the carrying value of the investment properties that should be presented for the year ended December 31,2020 in the statement of financial position?
- PEARS Company owned three investment properties. Details of the properties are as follows: Initial Cost Fair Value Dec. 31, 2019 Fair Value Dec. 31, 2020 Property 1 2,700,000 3,200,000 3,500,000 Propert 2 3,450,000 3,000,000 2,800,000 Property 3 3,300,000 3,900,000 3,400,000 Each property had an estimated useful life of 50 years. The accounting policy is to use the fair value model for investment properties. What is the carrying value of the investment properties that should be presented in the 2020 statement of financial position?Investment PropertyDEF Company owns land and building being used for its operations and administrative functions. The land and building are carried in its books using the cost model and have the following data at January 1,2023.Land:Cost - P10,000,000Fair value - 14,000,000Building:Cost -P20,000,000Accumulated depreciation -13,500,000Fair value - 9,000,000On this date, the company vacated the old building and occupied a newly constructed one located in the commercial area of the Central Business District. The old building is then reclassified as investment property using the fair value model. The company uses the fair value model in all of its other investment property.What is the amount of fair value gain reported in profit/loss resulting from the reclassification from owner occupied to investments property due to change in use of the property? a. P0 b. P2,500,000 c. P4,000,000 d. P6,500,000Them Company has a single investment property, which had original cost of P5,800,000 and estimated residual value of P200,000. on January 1, 2018. At Dec. 31, 2020, its fair value was P6,000,000 and at December 31, 2021, it had fair value of P5,900,000. On acquisition date, the property has estimated useful life of 40 years. The company uses the cost model for its investment property and uses straight-line method.What is the carrying value of the investment property at Dec. 31, 2021?
- 16. On April 27, 2021, BatoBatoPik purchased for P6,000,000 a warehouse building and the land on which it is located. The following data were available concerning the property: Current Appraised Value Original Cost Land P2,200,000 P1,800,000 Warehouse P3,300,000 P3,000,000 Total P5,500,000 P4,800,000 At what amount should the warehouse be recorded?The draft balance sheet of Tere Corporation as of December 31, 2019 reported the net property, plant and equipment at P110,000,000. Details of the amount follow: Land at cost P10,000,000Building at cost P50,000,000Less accumulateddepreciation at 12/31/18 (20,000,000) 30,000,000Plant at cost 94,500,000Less accumulateddepreciation at 12/31/18 (24,500,000) 70,000,000 110,000,000The following matters are relevant:• On 30 June 2019, Tere terminated the production of one of its product lines. From this date, the plant used to manufacture the product has been actively marketed at an advertised price of P4.2 million which is considered realistic. Assume that this plant qualified as held for sale in accordance withPFRS 5. It is…We Company has a single investment property, which had original cost of P5,800,000 and estimated residual value of P200,000. on January 1, 2018. At Dec. 31, 2020, its fair value was P6,000,000 and at December 31, 2021, it had fair value of P5,900,000. On acquisition date, the property has estimated useful life of 40 years. The company uses fair value model for its investment property.what is the carrying value of the property at December 31, 2020?
