PUMASA AKO Company and its subsidiaries own the following properties that are accounted for in accordance with international accounting standards: Land held by the parent for undetermined use A vacant building owned by the parent and to be leased out under an operating lease Property held by a subsidiary, a real estate firm, in the ordinary course of business Property held by the parent for use in production Building owned by a subsidiary and for which the subsidiary provides security and maintenance services to the lessees Land leased by the parent to a subsidiary under an operating lease 6,000,000 2,500,000 2,000,000 4,000,000 2,000,000 2,500,000 Property under construction for use as investment property Land held for future factory site Machinery leased out by the parent to an unrelated party under an operating lease 4,000,000 3,500,000 1,000,000 How much is the total investment property that should be reported in the consolidated statement of financial position of PUMASA AKO Company and its subsidiaries?

PUMASA AKO Company and its subsidiaries own the following properties that are accounted for in accordance with international accounting standards: Land held by the parent for undetermined use A vacant building owned by the parent and to be leased out under an operating lease Property held by a subsidiary, a real estate firm, in the ordinary course of business Property held by the parent for use in production Building owned by a subsidiary and for which the subsidiary provides security and maintenance services to the lessees Land leased by the parent to a subsidiary under an operating lease 6,000,000 2,500,000 2,000,000 4,000,000 2,000,000 2,500,000 Property under construction for use as investment property Land held for future factory site Machinery leased out by the parent to an unrelated party under an operating lease 4,000,000 3,500,000 1,000,000 How much is the total investment property that should be reported in the consolidated statement of financial position of PUMASA AKO Company and its subsidiaries?

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 32P

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