KINDLY ANSWER PLS On April 27, 2021, BatoBatoPik purchased for P6,000,000 a warehouse building and the land on which it is located. The following datawere available concerning the property:Current AppraisedOriginal CostValueLandP2,200,000P1,800,000WarehouseP3,300,000P3,000,000P5,500,000P4,800,000TotalAt what amount should the warehouse be recorded? On December 31, 2021, Purple Company sold a building, receiving as a consideration a P4,000,000 non-interest bearing note due in threeyears. The building costs P3,800,000 and the accumulated depreciation was P1,600,000 at the date of sale. The prevailing rate of interestfor a note of this type was 12%.How much gain or loss should Purple report on the sale of the asset?O 988,776 lossO 1,800,000 gainO 647,121 gainO 988,776 gain

Allocation of Purchase Price Appraised Value Percentage of Total Appraised Value Total Cost of…

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 Original Cost Value Land P2,200,000 P1,800,000 Warehouse P3,300,000 P3,000,000 P5,500,000 P4,800,000 Total At what amount should the warehouse be recorded?

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 Original Cost Value Land P2,200,000 P1,800,000 Warehouse P3,300,000 P3,000,000 P5,500,000 P4,800,000 Total At what amount should the warehouse be recorded?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 11MCQ

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