PROBLEMS Problem 23-1 (IAA) Simple Company reported the following information in relation to land: The entity purchased land on January 1, 2021 for P500,000 cash. On December 31, 2021, the land has a current replacement cost of P600.000. On December 31, 2022, the land has a current replacement cost of P750,000. The entity sold the land for P1,000,000 cash on December 31, 2023. On this date, the current replacement cost of the land is P800,000. What amount of unrealized holding gain should be reported in 2021? a. 600,000 b. 500,000 c. 100,000 d. nat amount of unrealized holding gain should be reported in 2022? a. 250,000 b. 150,000 c. 100,000 d. reported in 2023? a. 300,000 b. 250,000 с. 50,000 d. in 2023? a. 500,000 b. 250,000 C. 200,000 d. 150,000 711

PROBLEMS Problem 23-1 (IAA) Simple Company reported the following information in relation to land: The entity purchased land on January 1, 2021 for P500,000 cash. On December 31, 2021, the land has a current replacement cost of P600.000. On December 31, 2022, the land has a current replacement cost of P750,000. The entity sold the land for P1,000,000 cash on December 31, 2023. On this date, the current replacement cost of the land is P800,000. What amount of unrealized holding gain should be reported in 2021? a. 600,000 b. 500,000 c. 100,000 d. nat amount of unrealized holding gain should be reported in 2022? a. 250,000 b. 150,000 c. 100,000 d. reported in 2023? a. 300,000 b. 250,000 с. 50,000 d. in 2023? a. 500,000 b. 250,000 C. 200,000 d. 150,000 711

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter7: Property Transactions: Basis, Gain And Loss, And Nontaxable Exchanges

Section: Chapter Questions

Problem 28P

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