What amount be reported as gain from sale for colorado co

Assignment Help Financial Accounting

Reference no: EM132812956

Problem 1: On December 31, 2020, Colorado Company sold a machinery to Chicago Company and simultaneously leased it back for 3 years. The leaseback is appropriately considered a low value lease. Sale price is P450,000, carrying amount is P360,000 and estimated remaining useful life is 5 years. What amount should be reported as gain from sale of the machinery for 2020?

Reference no: EM132812956

Questions Cloud

What is value of the non-controlling interest on December : As of December 31, 2021, Silk owed Poly-Ester $42,000. What is the value of the non-controlling interest on December 31, 2019

Examine your current place of work : Considering that enterprise system implementations fail 40 percent of the time, there is substantial risk involved-risk that, in many cases, can put a company.

How do the chinese treat the oighurs : 1. What specific references does the film make to teenagers in Australia? What did the companies say they knew and how did they try to sell this information?

Literature review on leadership styles and theories : Leadership styles and theories - Impact of different leadership styles on the motivations of staff in NHS

What amount be reported as gain from sale for colorado co : Colorado Company sold a machinery to Chicago Company. What amount should be reported as gain from sale of the machinery for 2020?

Create a gantt chart using the wbs : Create a Gantt chart using the WBS you developed with Microsoft Excel or another software of your choice and approved by your instructor.

What is competitive advantage : What Is Competitive Advantage? as a basis for examining McDonald's competitive advantage. Demonstrate how Mcdonald could use economics to either have a competi

Juvenile drug use in your community and juvenile probation : What illegal drug do you believe is most commonly used by juveniles in your community? What do you base this opinion upon?

Clearly state the equilibrium price and quantity : Referencing the curves constructed in part A, clearly state the equilibrium price and quantity.

User Account

All Pages