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- On December 29, 20x1, JALO Co. sold 1,000 units of an investment through a broker at P1.00 per unit, the quoted price on this date. The investment has a carrying amount of P1,200. Ownership over the financial asset transfers to the buyer, and JALO collects the sale price, on Jan. 3, 20x2. The fair values per unit are P1.75 on December 31, 20x1 and P1.50 on Jan. 3 20x2. Requirements: Provide the journal entries under the (1) trade date accounting and (2) settlement date accounting assuming the investment is classified as: (a) FVPL; (b) FVOCI (mandatory); and (c) Amortized Cost.On December 29, 20x1, ABC Co. sells 1,000 units of an investment through a broker at P1.00 per unit, the quoted price on this date. The investment has a carrying amount of P1,200. Ownership over the financial asset transfers to the buyer on January 3, 20x2. The fair values per unit on December 31, 20x1 and January 3, 20x2 are P1.75 and P1.50, respectively. Requirements: Provide the journal entries under the trade date ccounting and the settlement date accounting assuming the financial asset sold was classified as subsequently measured at: a. FVPL (held for trading securities), b. FVOCI (mandatory); and c. Amortized cost.On December 29, 20x1, ABC Co. acquires 1,000 units of an investment through a broker at P1.00 per unit, the quoted price on this date. Ownership over the financial asset transfers to ABC Co. on January 3, 20x2. The fair values per unit on December 31, 20x1 and January 3, 20x2 are P1.75 and P1.50, respectively Requirements: Provide the journal entries under the trade date accounting and the settlement date accounting assuming the financial asset purchased is classified as subsequently measured at: a. FVPL (held for trading securities), b. FVOCI (mandatory); and Amortized cost.
- On July 01, 2022, Honesty Corporation sold a set of washing machine and a dryer for a total contract price of P200,000. The stand-alone selling prices of the washing machine and the dryer if sold separately are: 150,000 and 70,000, respectively. A 20% down payment was made and the balance is payable in six (6) equal installment payments of P28,564, inclusive of 2% interest, payable quarterly starting September 30 and December 31, 2022. How much is the total amount of interest earned in 2022? P3,200 P3,794.67 P5,892.72 P6,400Entity A sells a machine that is classified as PPE for ₱1,700,000. Entity A pays the broker a 10% commission. Information on the machine is as follows: Carrying amount ₱1,900,000 Revaluation surplus 400,000 How much is the gain (loss) from the sale? (200,000) c. (30,000) (370,000) d. 30,000Use the following information for the next two questions:On December 29, 20x2 (trade date), Jared Co. enters into a contract to sell a financial asset for its current fair value of ₱4,040 to Hera Co. The asset was acquired one year earlier for ₱4,000 and its carrying amount on December 29, 20x2 is ₱4,000. On December 31, 20x2 (financial year-end), the fair value of the asset is ₱4,024. On January 4, 20x3 (settlement date), the fair value is ₱4,052. 1. If the financial asset sold was classified as held for trading security and the sale is accounted for under the trade date accounting, the entry on December 29, 20x2 in Jared’s books will includea. a ₱4,000 credit to the “Held for trading securities” account.b. a ₱40 debit to unrealized gain.c. a ₱4,000 debit to a receivable account.d. No entry will be made on this date. 2. If the financial asset sold was classified as held for trading security and the sale is accounted for under the settlement date accounting, the entry on December 29,…
- On June 1, 200A, ABC Company sells to XYZ, 5 used factory equipment, each of which was acquired at P20,000, 3 years ago. The carrying value of each equipment is P5,000. The selling price of each equipment is P5,200. Upon executing the sale, ABC received P6,000 down payment and a 11% 1 year promissory note for the balance. At the end of December 200A, how much is the total amount of income that should be shown in ABC’s income statement.On January 1, 20X1, Merchant Co. sold a tractor to Swanson Inc. and simultaneously leased it back for five years. The tractor’s fair value is $300,000, but its carrying value on Merchant’s books prior to the transaction was $200,000. The tractor has a seven-year remaining estimated useful life, and Merchant and Swanson both used 8% interest in evaluating the transaction. Merchant has agreed to make five payments of $57,976 beginning January 1, 20X1. Use tables (PV of 1, PVAD of 1, and PVOA of 1) (Use the appropriate factor(s) from the tables provided.) Required: Prepare the January 1, 20X1, entries on Merchant’s books to account for the sale and leaseback If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar amount.)On October 31, 20x4, Mr. Cruz bought properly from D'Vision Heights which had earlier cost the latter P250,000. The company received a dwon payment of P100,000 an a P400,0000 mortgage note payable in twenty equal semiannual installments plus 16% interest per annum an unpaid principal. Assuming the gross profit is recognized in the period of sale, the amount of gross profit to be recognized by D'Vision Heights in 20x6 would a. P 50,000 b. P 250,000
- Sanchez Co. enters into a contract to sell Product A and Product B on January 2, 20x5, for an upfront cash payment of 300,000. Product A will be delivered in 2 years (January 2, 20x7) and Product B will be delivered in 5 years (January 2, 2020). Sanchez Co. allocates the 300,000 to Products A and B on a relative standalone selling price basis as follows. Standalone Selling Price Percent Allocated Allocated Amount Product A 80,000 25% 75,000 Product B 240,000 75% 225,000 320,000 300,000 Sanchez Co. uses an interest rate of 6%, which is its incremental borrowing rate.INSTRUCTIONS1. (a) Prepare the journal entries necessary on January 2, 20x5, and December 31, 20x52. (b) Prepare the journal entries necessary on December 21, 20x6.3. (c) Prepare the journal entries necessary on January 2, 20x7On January 1, 20x1, Entity X sells a building to Entity Y for ₱900,000 cash and simultaneously leases the building back. Additional information follows: Fair value of building 1,000,000 Carrying amount of building 800,000 Remaining useful life of building 10 years Lease term 5 years Annual rent payable at the end of each year 100,000 Implicit interest rate equal to Market rate 12% The transfer qualifies as a sale under PFRS 15. What amount of gain should Entity X recognize at lease commencement date? 0 107,904 263,244 174,904On January 1, 20x1, Native Co. enters into a contract to grant a franchisee the right to use Native's trade name and sell Native's products for 10 years. In addition, Native also promises to provide the equipment necessary to operate the franchise store. The contract states a fixed consideration of P450,000 and a 5% sales-based royalty. The fixed consideration includes P150,000 payment for the equipment. This reflects the stand-alone selling price of the equipment. Native Co., as a franchisor, has developed customary business practice to undertake activities such as analyzing the customer's changing preferences and implementing product improvements, pricing strategies, marketing campaigns and operational efficiencies to support the franchise name. Native delivers the equipment to the customer on February 1, 20x1. The customer commences business operations on March 1, 20x1, at which date the 10-year license period starts to run. The franchisee reports sales of P1,200,000 for the year.…