At what amount should the land be carried

Assignment Help Accounting Basics
Reference no: EM133084812

Questions -

Q1. Curry Company purchased a new printing machine on December 1 at an invoice price of P4,000,000 with terms 2/10, n/30. On December 15, Cabiao paid the required amount for the machine. The installation costs were P50,000 and the employees received training on how to use the machine, at a cost of P20,000. Before using the machine to print customers' orders, a test was undertaken and the paper and ink cost P5,000. What amount should be capitalized as cost of the machine?

Q2. Reinald Corporation issued 10,000 shares of its P25 par treasury ordinary shares for a parcel of land intended as a future plant site. The treasury shares were acquired by Ron at a cost of P30 per share. Ron's ordinary share had a fair value of P40 per share on the date of acquisition. Ron received P50,000 from the sale of scrap when an existing structure on the site was razed. At what amount should the land be carried?

Reference no: EM133084812

Questions Cloud

Dual operating system for accelerating change : Change is an activity and mindset that many resists. Kotter proposed a "dual operating system" for accelerating change.
Creating a strategic plan : In strategic planning, what components would you consider necessary for creating a strategic plan?
Characteristics of the first stage of the od cycle : Question 1 What are the main characteristics of the first stage of the OD cycle: Entry and Contracting?
Develop a more values-driven business : Schweitzer (2010) outlines ten tips that can help one develop a more values-driven business.
At what amount should the land be carried : Ron received P50,000 from the sale of scrap when an existing structure on the site was razed. At what amount should the land be carried
What is the cost impact to Martin Company : The Polishing Division purchases 13,000 handles from the Extruding Division and completes the hand tools. What is the cost impact to Martin Company
Discusses radon issues in the home : Discusses radon issues in the home - Visit several of the online bibliography tools and determine which you would like to use to create a list of sources
How much is the gain or loss realized by A on property X : Taxpayer A transferred income-producing real property X with an adjusted basis of $80,000, How much is the gain or loss realized by A on property X
Explain why these numbers are so different : Question - The Frog Company has a book value of $100 million in its March 31, 2020 Annual Report; Explain why these numbers are so different

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd