Reference no: EM132840909
The following information relates to the obligations of Iiyak Na Corporation as of December 31, 2020.
- Accounts payable for goods and services purchased on open account amounted to P35, 000 at December 31, 2020.
- On December 15, 2020, Iiyak Na declared a cash dividend of P.10 per share, payable on January 12, 2021, to shareholders of record as of December 31, 2020. Tissue had a 1 million ordinary shares issued and outstanding.
- On December 31, 2020, Iiyak Na entered into a six-year finance lease on a warehouse and made the first annual lease payment of P100, 000. The incremental borrowing rate was 10% and the interest rate implicit in the lease, which was known to Iiyak Na was 12%.
- On July 1, 2020, Iiyak Na issued P500, 000, 10% bonds for P440, 000 to yield 8%. The bonds pay interest annually every June 30. At December 31, 2020, the bonds were trading on the open market at 86 to yield 12%. Iiyak Na uses the effective interest method.
Iiyak's 2020 accounting profit was P850, 000 and its taxable profit was P600, 000. The difference is due to P150, 000 permanent differences and P100, 000 of temporary differences related to noncurrent assets. At December 31, 2020, Iiyak na had cumulative taxable differences of P300, 000 related to noncurrent assets. Iiyak na's effective tax rate is 25%. Iiyak na made no estimated tax payments during the year.
Requirements:
Problem a. Determine the amount of noncurrent assets as of December 31, 2020.
Problem b. Determine the amount of finance lease liability as of December 31, 2020.
Problem c. Determine the carrying amount of bonds payable as of December 31, 2020.
Problem d. Determine the amount of interest expense for the year December 31, 2020.
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