Maroon Company provided the following data on the date of revaluation: Building, at original cost averlo stab i o ven000,000 Building, at fair value Accumulated depreciation- cost 40-year life and 10 years expired 6,000,000 1,250,000

Q: A non-current asset whose cost is $15,000 and depreciation is $10,000 is given in part exchange for…

A: We have the following information: Cost : $15,000 Depreciation: $10,000 New Asset Cost: $20,500…

Q: HAPPY Corp. assets have a carrying amount of P100,000 before year end adjustments. The PFRSs require…

A: As per Philippines Financial Reporting Standard, the accounting treatment of biological…

Q: HAPPY Corp. assets have a carrying amount of P100,000 before year end adjustments. The PFRSs require…

A: Fair value in case of principal market or in absence of principal market, the most advantageous…

Q: On May 1, 2021, Equipment with a Cost of $50,000 and Accumulated Depreciation of $40,000 is…

A: Depreciation is being charged on cost of fixed assets in order to show reduction or decrease in…

Q: Them Company has a single investment property, which had original cost of P5,800,000 and estimated…

A: In case of Fair value model, assets is measured at fair value and any change in fair value during…

Q: An asset is purchased on January 1 for $42,200. It is expected to have a useful life of four years…

A: Depreciation: Decreasing value of fixed assets over period of time is called depreciation.

Q: budget of cash disbursement for March, the total cash disbursement would be:

A: Maroon Company: Revaluation surplus= Fair value of the asset - Book value of the asset = 6000000 -…

Q: ABC Ltd has the following land and buildings in its financial statements as at 30 June 2022:…

A: Given that the company classifies residential land and the factory land as different classes of…

Q: On January 1, 2020, London Company purchased a large have a residual value at that time of P600,000.…

A: Depreciation rate as per double declining method 100/ useful life * 2 100/4 * 2 50% Carrying amount…

Q: On 1 November 2019, Mushe Limited acquired a machine for N$ 100 000 for manufacturing purposes. The…

A: Foreign currency transaction needs to be translated to presentation currency at the reporting date.…

Q: Identify how much to add or deduct from the Investment in Associate account of ABC based on the…

A: Investment in Associate means the investment in an organization in which the investor has important…

Q: What is the sellars gain on repossessed property with a fair market value of 17,000 on the date of…

A: HIre Purchase Transactions: Under a hire-purchase arrangement, the vendor relinquishes control of…

Q: the de

A:

Q: what is the intrinsic value of the asset after accounting for the cost of illiquidity?

A: Given in the question: Purchase price of the asset = P1,200,000 The value of the asset has been…

Q: Dangerous Company’s investment property has a carrying amount of P800,000 before any year-end…

A: The Unrealized loss for investment property is recognised when fair value of assets is less than the…

Q: Net income for Inkaleb Inc. for 2020 includes the effect of the following transactions  involving…

A: Depreciation is the charge applied to assets at the end of the period that reduces the total value…

Q: The actual carrying of an asset is R650 000 on 1 Jan 2020. Depreciation for the 2020 Financial year…

A: Revaluation : The accounting method of increasing or decreasing the carrying value of a company's…

Q: A. Using the cost model, what is the depreciation expense for the year 2020? Note that asset was…

A: Investment Property is a property which is held by the owner or lessee for the purpose Earning…

Q: An asset was acquired on January 1, to 2020 for P800,000 and is expected to have a 5-year useful…

A: Annual depreciation on Equipment= (cost of the assets - residual value) / life of the assets =…

Q: The carrying value of equipment was R400 000 on 01 March 2019, the start of the financial year, and…

A: Depreciation is the allocation of cost of asset over the useful life of asset.

Q: SPK NOW Company owned the following investments at year-end before fair value adjustments and…

A: FVTPL: Financial assets measured at FVTPL when it is held by the company for trading activities.…

Q: On January 1, 2019, an entity purchased equipment for P4,800,000. The equipmen s expected to have a…

A: The revaluation surplus is calculated as excess of revalued value of assets as compared to book…

Q: During the current year an entity sold a piece of equipment used in production. The equipment had…

A: (1) Sales Price = P 100,000 (2) Carrying Amount of Equipment = P 90,000 (3) Revaluation Surplus = P…

Q: Nonchalant Company owned three investment propertien with the following details: Initial Fair value…

A: Guideline: “Since you have asked multiple question, we will solve the first question for you. If you…

Q: On 1 January 2021, Tymba plc has a building with a carrying value of £500,000 which was purchased on…

A: As per  IAS 16, Property, Plant and Equipment Amount that can be transferred from revaluation…

Q: REQUIRED: Prepare the journal entries relating to the reversal of the impairment loss in the 2021…

A: The formula used for calculating the impairment loss is as under: Impairment loss = Carrying cost -…

Q: On Sept 30, 2020, ABC acquired a building to earn rent through operating leases. The investment…

A: Depreciation is the loss in the value of the asset caused due to its usage, wear and tear. There are…

Q: At the beginning of the current year, MJ Company sold a building with remaining useful life of 30…

A: Hey, since there are multiple sub-parts questions posted, we will answer the first three sub-parts…

Q: ar and tear allowance of 10% on the plant. Oscar Limited intends to recover the carrying amount of…

A: Deferred tax refers to the form of a liability reflected on the balance sheet of a company which…

Q: Incume Siatenent For the Year Ended June 30, 2020 et sales ost of gueds sold (including depreciation…

A: (1).           Statement of Cash flow                      Particulars   $          Cash…

Q: A company purchases an asset that costs $30,000. This asset qualifies as 3-year property under MACRS…

A: Tax Saving on Depreciation: The quantity of profits that are used to calculate taxes is decreased…

Q: Assume Sambazon.come sold an acai processing machine for $172,000 cash. If accumulated depreciation…

A: Sale price = $172,000 Accumulated depreciation = $58,311 Gain = $6,721

Q: What is the amount of revaluation surplus? * On December 31, 2021, Entity A determines that its…

A: Revaluation surplus is an excess of fair value over the carrying value of the assets. The carrying…

Q: Smitty Inc. wishes to use the revaluation model for this property: Before Revaluation • Building…

A: The question is based on the concept of revaluation of asset and its impact on calculation of…

Q: An asset is purchased at a cost of P110 000 on 1 January 2016. The asset has a useful of 10 years.…

A: Formula: Straight line method depreciation = ( Asset cost - Salvage value ) / Useful life

Q: On December 31, 2020, IVORYInc.’s investment in real property has a carrying value of P10,000,000…

A: Gain or loss on changes in fair value = Fair value - carrying value

Q: 1. Using the cost model, what is the depreciation expense for the year 2020? Note that asset was…

A: a  and b Computation of Depreciation expense for the year 2020 Particulars Amount Initial…

Q: On Sept 30, 2020, ABC acquired a building to earn rent through operating leases. The investment…

A: Investment Property is a property which is held by the owner or lessee for the purpose Earning…

Q: At the end of its financial year, Tanner Co had the following non-current assets: Land and buildings…

A: We have the following information: Land and building at cost: $10.4 million Land and buildings:…

Q: Jayanne Co. acquired an equipment for P4,200,000 in 2017. The policy is straight line depreciation,…

A: Annual depreciation = (Cost - salvage value)/useful life          = (4,200,000 - 200,000)/5…

Q: 2. On 1 January 2020 a company had plant and equipment with a cost of $150.000 and accumulated…

A: Cost of Plant and equipment = $150,000 Accumulated Depreciation = $60,000 Cost of Plant additions =…

Q: Purple Merchandising Company purchased a vehice for TL B0.000 on january 1. 2020. Expected usefu fe…

A:

Q: Investment property has a carrying amount of 800,000 before any adjustment. The property has a…

A: Fair value is the value exchanged for an investment between two knowledgeable person for a fair…

Q: Accumulated depreciation-Equipment of JAD Company at December 31, 2019 and December 31, 2020 were…

A: Depreciation is charged against the value of fixed assets. It can be calculated by using the…

Q: Counting Crow’s investment property has a carrying amount of ₱3,600,000 under the fair valuemodel,…

A: Investment properties are land or buildings and building can be a part of building. the land and…

Q: XYZ bought an equipment on January 1, 2014 at a cost of $2,200,000 including an estimated residual…

A: The revaluation surplus is calculated by deducting the carrying amount of asset from the fair value…

Q: Computational. ABC Company has an equipment acquired on January 1, 2018 at a cost of P2,200,000 with…

A: Loss on revaluation means the loss that would be realized if there has been a taxable disposition of…

Q: The Company provided the following data: Value of biological asset at acquisition cost on 12/31/19,…

A: The living assets such as trees and animals etc. are known as the biological assets.

Q: During the year ended 30 June 2018, a company's revaluation reserve increased from R300 000 to R380…

A: Revaluation of fixed assets means when there is change in value of assets after some point of time.…