Determine the amounts that should be recognized by entity

Assignment Help Accounting Basics
Reference no: EM132788563

Property A

An office building used by Cute for administrative purposes with a depreciated historical cost of P2 million. At 1 January 2018 it had a remaining life of 20 years. After a re-organization on 1 July 2018. the property was leased to a third party and reclassified as an investment property applying cute policy of a fair policy model. An independent valuer assessed the property to have a fair value of 2.3 million at 1 July 2018. which had risen to P2.34 million at 31 December 2018

Property B

Another once building sub kissed to a subsidiary of Cute. At I January 2018, it had a fair value of P1.5 million which had risen to P1.65 million at 31 December 2018. At 1 January 2018 it had a remaining Life of 15 years.

Problem 1: Determine the amounts that should be recognized by the entity in its separate financial statements in respect of these properties in the year ended in December 31, 2018

Reference no: EM132788563

Questions Cloud

What is effect if a certain company fails to take up accrued : What is the effect if a certain company fails to take up accrued income on bond investment carried at amortized cost to the accounts
What is net effect of errors on January for Silver Company : What is the net effect of the above errors on the January 1, 2015 accumulated profits, understated or overstated by what amount?
What is gain or loss on purchasing power for current asset : What is the gain or loss on purchasing power for the current year? Increase in net monetary items as restated for hyperinflation 3,500,000
Determine the amounts that should be recognized by entity : Determine the amounts that should be recognized by the entity in its separate financial statements in respect of these properties in the year ended in December
Violate federal and state fair employment laws : Identify a specific section in Chapter 2 of your course textbook that assures everyone equal opportunity and how you would respond to the CEO using this section
Find and interpret R - C : The revenue, R(x), from selling x units will be R(x) = 60x, but that no more than 881 units can be sold at that price. Find and interpret (R - C)(881).
What is the cash realizable value of accounts receivable : What is the cash realizable value of Accounts Receivable after the Brady account is written off? What entry would Attwood make to write off the Brady account?
Discuss the benefits and drawbacks of each channel : Discuss the benefits and drawbacks of each channel and Select two sourcing channels that can influence the recruitment and selection process

Reviews

Write a Review

Accounting Basics Questions & Answers

  How the operating cycle for a merchandiser is different

Explain how the operating cycle for a merchandiser is different from a manufacturer. Explain the difference between perpetual and periodic inventory systems

  On march 1 2011 navy corporation used excess cash to

1. on march 1 2011 navy corporation used excess cash to purchase u.s. treasury bonds for 103000 plus accrued interest.

  Variable overhead spending-fixed overhead budget variances

The actual level of activity for the period was 4,600 MHs. What was the total of the variable overhead spending and fixed overhead budget variances for the month?

  Respond to the following ethical issue concerning the

respond to the following ethical issue concerning the reclassification of receivables in your initial postmoss exports

  What is opinion on the cpa firm providing assurance

What is opinion on the CPA firm providing both assurance and non assurance services to their customer? How this topic can effects and relates to audit quality?

  Presentation on potential budgetary challenges or deviations

Prepare a PowerPoint presentation on potential budgetary challenges/deviations and outline how you would deal with them

  Estimate of the total direct labor hours

To compute the predetermined overhead rate, Cristin divided her estimate of the total manufacturing overhead for the coming year

  What is the per share cost of the treasury stock purchased

Jan. 5 Declared a $0.50 per share cash dividend, date of record January 10. What is the per share cost of the treasury stock purchased

  Allowance method to account for bad debts

Management uses the allowance method to account for bad debts and believe that ultimately that 5% of the year-end balance in Accounts Receivable will not be collected.

  The joyner corporation originally budgeted for 360000 of

the joyner corporation originally budgeted for 360000 of fixed overhead. production was budgeted to be 12000 units. the

  What the total net position balance for tinsel town

The total net position balance for Tinsel Town's governmental activities in the government-wide financial statements at the end of fiscal 2019 is

  Determine the expected amounts

The average outstanding balance of the line of credit is $3,800,000. Determine the expected amounts for 20X4 for each of the income statement items

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