User Account

All Pages

How much is the revaluation surplus transferred to retained

Assignment Help Financial Accounting
Reference no: EM133002478

On Dec. 31, 2020, the following account balances related to Black Corporation's real properties appear on the books:

P3,000,000 for Land 1
P5,000,000 for Land 2
P7,000,000 for Land 3

  • Black Corp. revalued its land to fair value on Jan. 1, 2021 and on this date, the corporation doesn't have any other assets carried at the revalued amount. On this date also, the fair value of Lands 1, 2, and 3 is P3,500,000, P6,000,000, and P9,000,000, respectively. Buildings and other facilities on all three sites are depreciated using a 10-year usable life under the straight-line approach of depreciation. Land 2 and the buildings on the property were sold for a total of P10,000,000 on December 31, 2021.

Problem 1: For the year-ending Dec. 31, 2021, how much is the revaluation surplus transferred to retained earnings?

Reference no: EM133002478

Questions Cloud

Compute the amount of raymond moss bonus : Income before bonus and income taxes is $250,000. The effective income tax rate is 30%. Compute the amount of Raymond Moss bonus
What amount credited to revaluation surplus before income : What the revaluation surplus that must be reported is? On Jan. 1, 2021, what amount, before income, tax, must be credited to the revaluation surplus?
Calculate the total number of units accounted : Calculate the total number of units accounted for by the Assembly Department if it had 7,500 units in ending inventory
Explain the implication of current issues of xbrl : Explain the implication of current issues of XBRL in the financial reporting and disclosure of financial information
How much is the revaluation surplus transferred to retained : Land 2 and the buildings on the property were sold. For the year-ending Dec. 31, 2021, how much is the revaluation surplus transferred to retained earnings?
Create a professional development resource : Booklet Promoting Best Practice - create a professional development resource presented as a written booklet supporting ongoing professional development
How many employees per type does the hospital actually need : Question - A hospital does 250 visits per week, with 50% of all visits as return visits. How many employees per type does the hospital actually need
Compute the cost of the ending inventory under average-cost : Compute the cost of the ending inventory under the average-cost method, assuming there are 550 units on hand at the end of the period.
How much will you have at the end of five years : If you deposit $1,000 each quarter for the next 5 years at 7% APR compounded monthly, how much will you have at the end of 5 years?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd