Reference no: EM132679406
An entity purchased a varnishing machine for P3,600,000 on January 1, 2020. The entity received a government grant of P324,000 in respect of this asset. The accounting policy is to depreciate the asset over 4 years on a straight line basis and to treat the grant as deferred income.
Problem 1: What should be reported as carrying amount of the machine and deferred income, respectively, on December 31, 2021?
Group of answer choices
Option 1: 1,800,000 and 162,000
Option 2: 2,700,000 and 243,000
Option 3: 1,962,000 and 162,000
Option 4: 1,800,000 and 324,000
|
Detailed explanation for resolving the issues of corruption
: Detailed explanation for resolving the issues of corruption, breaching of fiduciary duties, and non-compliance with the code of ethics
|
|
Determine the cash receipts during June
: During June, cash payments totaled $178,300, and the June 30 balance was $23,900. Determine the cash receipts during June
|
|
How the utilitarian and deontologist interpreted situation
: On your day off, you invite your fellow officers to your wife's birthday party. You have a BBQ in the backyard. Your shift sergeant Tom, his wife Melinda.
|
|
Impact on the quality of documents
: Describe the costs which could have an impact on the quality of documents.
|
|
Compute what should reported as carrying amount of machine
: An entity purchased a varnishing machine, What should be reported as carrying amount of the machine and deferred income, respectively, on December 31, 2021?
|
|
Prepare a journal entry for the purchase of office equipment
: Prepare a journal entry for the purchase of office equipment on March 4 for $27,150, paying $5,000 cash and the remainder on account
|
|
How does dehydration affect mood in healthy young women
: How does dehydration affect mood in healthy young women"? You will use the attached example to structure the paragraphs.
|
|
What is the capitalizable borrowing cost
: What is the capitalizable borrowing cost? On January 1, 2020, an entity borrowed P6,000,000 at an annual interest rate of 10% to finance specifically the cost
|
|
How would this error affect the income statement
: Timberline Consulting erroneously recorded the payment of $9,000 of dividends as a debit to Salary Expense. How would this error affect the income statement
|