Reference no: EM132700589
1.Property Company acquired several items of PPE for the year 2020. The transactions were as follows:
- Purchased land and a commercial building for P6,000,000. In addition, the company incurred an appraiser's fee of P100,000. The carrying value of land and commercial building were P1,500,000 and 2,500,000 respectively. Land had a fair value of P 2,000,000 while the commercial building had a fair value of 3,000,000.
2.Purchased equipment by issuing five-year noninterest-bearing note for P2,000,000. The prevailing interest rate for this transaction was 12%. The present value of an ordinary annuity of 1 at 12% for 5 periods is 3.60. The present value of 1 at 12% for five periods is 0.567.
3. A building having a fair value of P800,000 was donated by a shareholder to the Company. The carrying amount was P650,000, with a residual value of P50,000. Legal fees incurred amounted to P25,000.
4. Land and building were acquired by issuing 30,000 ordinary shares, P100 par value. The ordinary is quoted at 125 per share on the date of issuance. The assets acquired had the following fair values:
Land 1,000,000
Building 2,750,000
5. Acquired equipment on an installment basis, P250,000 down payment, and four annual payments of P100,000. The equipment had a cash price of P560,000.
6. Acquired an equipment with fair value of P700,000 by issuing bonds payable, face value of P900,000, quoted at 95.
Problem 1: How much is the balance of land?:
Problem 2: How much is the balance of building?:
Problem 3: How much is the balance of equipment?:
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