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Q.4.1 Prepare the Property, Plant and Equipment Note to be included in the
financial statements of Mirkwood Limited as at 30 June 2019. (A total
column is not required).
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- Disclose the property, plant and equipment note in the financial statements of Wing-It Ltd forthe financial year ended 31 August 2022Prepare only the Property, plant and equipment reconciliation note of Still Waters Ltd for the financial year ended 31 December 2020B. If Flint prepares financial statements in accordance with ASPE, what is the recoverable amount of the equipment at November 30, 2023? Recoverable amount $
- E. What should have been the ENTRY to record the receipt of note from Company A on May 1, 2020? F. What should be the carrying value of the note received from Company A on May 1, 2020 G. How much is the gain or loss on sale of the land, if any?Munn Inc. had the following intangible account balance at December 31, 2018: 1. Prepare a schedule of the expenses for 2019 relating to Munn's intangible asset balances at December 31, 2018, and transactions during 2019. 2. Prepare the intangible asset section of Munn’s balance sheet at December 31, 2019.Accounting standard IAS16: Property, Plant and Equipment make a number of recognition, measurement and disclosure requirements with regard to tangible non-current assets. The term "non-current asset" is defined in accounting standard IAS1: Presentation of Financial Statements. The information given below relates to two companies, both of which prepare accounts by 31 December. Tom Limited: Joy Plc bought a factory machine on 30 June 2020 and paid a total of £420,000. The supplier's invoice showed that this sum was made up of the following items: £ Manufacturer's list price 380,000 Less: Trade discount 38,000 342,000 Delivery charge 6,800 Installation costs 29,600 Maintenance charge for a year to 30 June 2021 27,000 Small spare parts 14,600 £420,000 Jerry Limited: On 1 January 2010, Jerry Ltd bought freehold property for £800,000. This figure was made up of land £300,000 and buildings £500,000. The land was non-depreciable…
- Accounting standard IAS16: Property, Plant and Equipment make a number of recognition, measurement and disclosure requirements with regard to tangible non-current assets. The term "non-current asset" is defined in accounting standard IAS1: Presentation of Financial Statements. The information given below relates to two companies, both of which prepare accounts by 31 December. Tom Limited: Joy Plc bought a factory machine on 30 June 2020 and paid a total of £420,000. The supplier's invoice showed that this sum was made up of the following items: £ Manufacturer's list price 380,000 Less: Trade discount 38,000 342,000 Delivery charge 6,800 Installation costs 29,600 Maintenance charge for a year to 30 June 2021 27,000 Small spare parts 14,600 £420,000 Jerry Limited: On 1 January 2010, Jerry Ltd bought freehold property for £800,000. This figure was made up of land £300,000 and buildings £500,000. The land was non-depreciable…Question 1 (a) Prepare the journal entries for Energy Bhd for its transaction in the year 2017 and 2018. (b) Prepare the journal entries for Energy Bhd when it sold both properties in the year 2019. (c) After the initial recognition, MFRS 140 Investment Property requires an entity to choose either the cost model or fair value model as its accounting policy. Briefly explain TWO (2) differences between these two models.(a) Prepare all journal entries for the year 2016, 2017, 2018 and 2019. (b) Explain the accounting treatment for the derecognition of investment property.
- Financial Statement Presentation of Operating Assets Olympic Acquisitions Inc. prepared the following post-closing trial balance at December 31, 2019: Â Required: Prepare a classified balance sheet for Olympic at December 31, 2019. ( Note: Olympic reports the three categories of operating assets in separate subsections of assets.)Balance Sheet Presentation The following information relates to the assets of Westfield Semiconductors as of December 31, 2019. Westfield uses the straight-line method for depreciation and amortization. Required: Use the information above to prepare the property, plant, and equipment and intangible assets portions of a classified balance sheet for Westfield.1) Prepare entries for the year 2020 related to the above transactions. 2) How much is the gain or loss on sale and trade-in of property, plant and equipment?3)Prepare the section of the Property, Plant and Equipment for May-Jo Machine Shop Co. to be shown in the Statement of Financial Position as of December 31, 2020.
