The following information relates to Absolute Company for the year 2020: Determine the accounts and amounts taken to profit or loss relating to the investment property. Land Held as Investment Property (at cost) 5,000,000 Fair value at January 1, 2020 6,000,000 Fair value at December 31, 2020 6,800,000 Estimated disposal cost 300,000     Building Held as Investment Property   Construction was completed at January 1, 2020 at a total cost of 20,000,000 Estimated useful life with no residual value 40 years Fair value at January 1, 2020 19,000,000 Fair value at December 31, 2020 20,000,000 Estimated disposal cost 500,000     Rent revenue recognized during 2020 3,000,000 Compensation paid to personnel for administrative and security 200,000 Real property taxes applicable to 2020 120,000 Costs of maintenance paid to an outsourced company 340,000

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The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2023: Plant Asset Accumulated Depreciation $ 340,000 177,000 1,480,000 1,138,000 148,000 Land Land improvements Building Equipment Automobiles Transactions during 2024 were as follows: a. On January 2, 2024, equipment were purchased at a total invoice cost of $250,000, which included a $5,300 charge for freight. Installation costs of $25,000 were incurred in addition to the invoice cost. b. On March 31, 2024, a small storage building was donated to the company. The person donating the building originally purchased It three years ago for $23,000. The fair value of the building on the day of the donation was $16,000. c. On May 1, 2024, expenditures of $48,000 were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather. The repair doesn't provide future benefits beyond those originally anticipated. d. On…

Marigold Company uses IFRS and owns property, plant and equipment with a historical cost of 5170000 euros. At December 31, 2019, the company reported a valuation reserve of 8640000 euros. At December 31, 2020, the property, plant and equipment was appraised at 5520000 euros.The property, plant and equipment will be reported on the December 31, 2020 statement of financial position at 5520000 euros. 8990000 euros. 5170000 euros. 8640000 euros.

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The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2023: Plant Asset Accumulated Depreciation $ 480,000 245,000 2,150,000 1,184,000 215,000 Land Land improvements Building Equipment Automobiles Transactions during 2024 were as follows: a. On January 2, 2024, equipment was purchased at a total invoice cost of $325,000, which included a $6,800 charge for freight Installation costs of $40,000 were incurred in addition to the invoice cost. b. On March 31, 2024, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $32,000. The fair value of the building on the day of the donation was $21,000. c. On May 1, 2024, expenditures of $63,000 were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather. The repair doesn't provide future benefits beyond those originally anticipated. d. On…

Selected accounts included in the property, plant, and equipment section of Splish Corporation’s balance sheet at December 31, 2019, had the following balances. Land   $378,000 Land improvements   176,400 Buildings   1,386,000 Equipment   1,209,600 During 2020, the following transactions occurred. 1.   A tract of land was acquired for $189,000 as a potential future building site. 2.   A plant facility consisting of land and building was acquired from Mendota Company in exchange for 25,200 shares of Splish’s common stock. On the acquisition date, Splish’s stock had a closing market price of $37 per share on a national stock exchange. The plant facility was carried on Mendota’s books at $138,600 for land and $403,200 for the building at the exchange date. Current appraised values for the land and building, respectively, are $289,800 and $869,400. 3.   Items of machinery and equipment were purchased at a total cost of $504,000. Additional costs were incurred as…

At December 31, 2019, certain accounts included in the property, plant, and equipment section of Blue Spruce Corporation’s statement of financial position had the following balances: Land   $309,730 Buildings—Structure   882,700 Leasehold Improvements   704,930 Equipment   844,920 During 2020, the following transactions occurred: 1.   Land site No. 621 was acquired for $799,790 plus a fee of $6,780 to the real estate agent for finding the property. Costs of $33,140 were incurred to clear the land. In clearing the land, topsoil and gravel were recovered and sold for $10,950. 2.   Land site No. 622, which had a building on it, was acquired for $559,950. The closing statement indicated that the land’s assessed tax value was $308,680 and the building’s value was $101,830. Shortly after acquisition, the building was demolished at a cost of $27,640. A new building was constructed for $339,530 plus the following costs: Excavation fees   $37,960 Architectural design…

Mumtaz Bhd is a listed company engaged in developing housing and industrial estate. Below is the trial balance as at 30 June 2020.     Debit Credit   RM’000 RM’000 Investment property at fair value 28,660   Intangible assets on 1 July 2019 18,800   Tax recoverable on 1 July 2019 800   Revenue   158,920 Freehold land at valuation 13,400   Buildings at cost 28,400   Plant and machinery at cost 204,400   Accumulated depreciation as at 1 July 2019:     - building   4,260 - plant and machinery   85,140 Inventory on 30 June 2020 4,300   Trade receivables 7,860   Cash at bank 10,900   Ordinary shares of RM1 each   60,000 Distribution costs 4,460   Retained earnings as at 1 July 2019   6,380 Asset revaluation reserve   12,700 Cost of sales 43,780   Administrative expenses 8,560   10% Debentures   31,660 Finance costs…

PLTO Ltd. is considering purchasing the net assets of Ivanhoe Corporation. Following is the statement of financial position of Ivanhoe as at December 31, 2023: Ivanhoe Corporation Statement of Financial Position As at December 31, 2023 Current assets Buildings and equipment Accumulated depreciation Land Total assets Current liabilities Common shares Retained earnings Total equities Current assets Building and equipment Land Following are the fair values for Ivanhoe's net assets, as at December 31, 2023: Current liabilities $230,400 754,000 (108,000) 169.000 Value of goodwill $1,045,400 $187,000 582,000 276,400 $1,045,400 $ Calculate the value of goodwill that would be acquired by PLTO if it offered $2,061,600 for the net assets of Ivanhoe. $224,500 488,400 309,700 (166,000) $856,600