I need answer step by stepI need answer expert solution tion & Analysis Project 2 iValueView on Tableau PublicRequired:$300,000$200,000$100,000Saved$0CostAccumulated Deprecia..CostAccumulated Deprecia..CostAccumulateCostAccumulateCod Deprecia..d Deprecia..Complete this question by entering your answers in the tabs below.Required 1Required 2Required 3 Required 4Required 5What is the net amount of property, plant, and equipment reported in the balance sheet?< Required 1Required 2 >DC D

Net Property, Plant, and Equipment (PP&E) CalculationBased on the provided table, we can…

Answered: tion & Analysis Project 2 i Value View…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter1: Accounting And The Financial Statements

Section: Chapter Questions

Problem 58APSA

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Q4. A building with a cost of $400 000 and accumulated depreciation of $190 000 is revalued to its fair value of $350 0001. What are the journal entries?2. What will be the journal entries if the building is revalued at 150,000?
Question 2 20X6: Jane produced the following trial balance as at 30 June 20x6 $000 $000 Land at cost 2,160 Building at cost 1,080 Plant and equipment at cost 1,728 Intangible assets 810 Accumulated depreciation-30.6.20x5 Building 432 Plant and equipment 504 Interim dividend paid 108 Receivable and payable 585 Cash and bank balance 41.4 Inventory as at 30.6.20x6 586.8 Taxation 14.4 Deferred tax 37.8 Distribution cost 529.2 Administrative expenses 946.8 Retained earning b/f 891 Sales revenue 9480.6 Cost of sales 5909.4 Ordinary share of 50p each 2160 Share premium account 432 The following information is available: 1) A revaluation of the Land and Buildings on | July 20X5 resulted in an increase of £3,240,000 in the Land and £972,000 in the Buildings. This has not yet…
Question 2 20X6: Jane produced the following trial balance as at 30 June 20x6 $000 $000 Land at cost 2,160 Building at cost 1,080 Plant and equipment at cost 1,728 Intangible assets 810 Accumulated depreciation-30.6.20x5 Building 432 Plant and equipment 504 Interim dividend paid 108 Receivable and payable 585 Cash and bank balance 41.4 Inventory as at 30.6.20x6 586.8 Taxation 14.4 Deferred tax 37.8 Distribution cost 529.2 Administrative expenses 946.8 Retained earning b/f 891 Sales revenue 9480.6 Cost of sales 5909.4 Ordinary share of 50p each 2160 Share premium account 432 The following information is available: 1) A revaluation of the Land and Buildings on | July 20X5 resulted in an increase of £3,240,000 in the Land and £972,000 in the Buildings. This has not yet…
Follow up questions: 1. Please explain further how did you come up with the formula 12,000x(6/11) in number 3. 2. According to the statement, it is only for the MONTH of December. P60,000 is the annual depreciation. Are you sure with your answer? Thank you!
EIL.25 (LOS)) (Revaluation Accounting) Pengo Ltd. owns land that it purchased at a cost of V400 million in 2017. The company chooses to use revaluation accounting to account for the land. The land's value fluctuates as follows (all amounts in thousands as of December 31): 2017, V450,000; 2018. V360,000, 2019, V385,000; 2020, ¥410,000, and 2021, V460,000. Instructions Complete the following table below. Value at Other Comprehensive Accumulated Other Recognized December 31 Income Comprehensive Income Net Income 2017 2018 2019 2020
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1) The total assets of Best Service is P500,000. Twenty percent (20%) represents the claim of the owner. Its liability, therefore is: a. P100,000 b. P400,000 c. P500,000 d. None 2) The owner’s capital is P50,000. The creditors have 60% claim on the total assets. The correct amount of assets would be: a. P 83,333 b. P 80,000 c. P 30,000 d. P125,000
Question 2Prepare a statement of Profit and Loss Appropriation, capital account, current account for theyear ended 31 December 2020 and extract of statement of financial position at that date, fromthe following:i) Net profit RM30,350ii) Interest to be charged on capital: Wong RM2,000; Pang RM1,500; Halim RM900.iii) Interest to be charged on drawings: Wong RM240; Pang RM180; Halim RM130.iv) Salaries to be credited: Pang RM2,000; Halim RM3,500v) Profit to be shared: Wong 50%; Pang 30%; Halim 20%vi) Current account b/f: Wong RM1,860; Pang RM946; Halim RM717vii) Capital account b/f: Wong RM40,000; Pang RM30,000; Halim RM18,000viii) Drawings: Wong RM 9,200; Pang RM7,100; Halim RM6,900
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