Reference no: EM132582399
Question 1. On June 30, 20x9, Machine A and Machine B have fair values of P163,000 and P136,500, respectively, and remaining useful lives of 5 years and 4 years, respectively. The tax rate rate is 30%
How much is the revaluation surplus on December 31, 20x8?
Option 1: Answer not given
Option 2: P10,500
Option 3: P(10,500)
Option 4: P7,000
Option 5: P(15,000)
Question 2. Entity A acquires equipment on January 1, 20x1. Information on costs is as follows:
Purchase price, gross of P10,000 trade discount 800,000
Non-refundable purchase taxes 20,000
Delivery and handling costs 40,000
Installation costs 30,000
Present value of decommissioning
and restoration costs 10,000
How much is the initial cost of the equipment?
Option 1: P 890,000
Option 2: P 820,000
Option 3: P 900,000
Option 4: P 870,000
Option 5: Answer not given
Question 3. Quezon Co. records purchases at net amounts. On May 5 Quezon purchased merchandise on account, P32,000, terms 2/10, n/30. Quezon returned P2,000 of the May 5 purchase and received credit on account. At May 31 the balance had not been paid.
The amount recorded as a purchase return is
Option 1: P1,960
Option 2: P2,040
Option 3: Answer not given
Option 4: P1,800
Option 5: P2,000
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