Reference no: EM132934881
Questions -
Q1) Sarah Inc. purchased a real property with no determinable future use. The property was acquired at cash price of P3,000,000. Unpaid real property taxes assumed by Sarah totaled P100,000. In addition, Sarah also paid the following transaction costs: broker's commission of P20,000 and registration costs of P35,000.
How much shall Sarah recognize as Investment Property?
a. P3,155,000
b. P3,055,000
c. None, the property is a PPE.
d. P3,100,000
Q2) On January 1, 2021, Black Corp. owns 15,000 ordinary shares representing 15% of the shares outstanding of Light Corporation. The ordinary shares were acquired on November 12, 2020 at a cost of P750,000 and have a fair value of P800,000 on December 31, 2020. The company classified it as FV through profit or loss. On January 2, 2021, Black sold half of its investment for P50 per share incurring a brokerage and commission expense of P10,000.
The unrealized gain (or loss) on December 31, 2021 to be presented in the statement of financial position is
a. P50,000
b. P10,000
c. P(50,000)
d. P0
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