User Account

All Pages

What amount of gain or loss should be recognized

Assignment Help Accounting Basics
Reference no: EM132903080

Problem - Angel Company purchased an investment property on January 1, 2018 for P3,500,000. The property had a useful life of 50 years and on December 31, 2020 had a fair value of P5,700,000. On December 31, 2020, the property was sold for net proceeds of P6,000,000. The entity used the cost model to account for the investment property. What amount of gain or loss should be recognized for 2020 regarding the disposal of the property?

Reference no: EM132903080

Questions Cloud

Acquiring ailing printing companies : Quebecor Printing is a commercial printing company that is expanding, acquiring ailing printing companies, and moving into international markets.
Greenacre city school district : Dr. Jack is a physician at DurfMedical in Greenacre. Sara is a bus driver for the Greenacre City School District (GCSD) and earns $3,000 per month.
Record the transactions in journal entries : Of this amount, $42,000 was for direct materials and the remainder was for indirect materials. Record the transactions in journal entries
When companies decide to sell products in other countries : When companies decide to sell their products in other countries, they must decide whether to use a standard product or to customize it to the particular country
What amount of gain or loss should be recognized : Angel Company purchased an investment property on January 1, 2018 for P3,500,000. What amount of gain or loss should be recognized
How can investors determine if goal is being met : How can investors determine if this goal is being met? The main goal of financial management is to maximize the wealth of the shareholders.
Communication style : Communication Style: Would you describe the communication style of your country as implicit or explicit?
How much cash from march sales was collected in april : How much cash from March sales was collected in April? Credit sales are collected as follows: 70% in the month of sale and 30% in the month after sale.
What is net value of the payments versus receipts in today : Carol will receive $10,000 at the end of year four. With an interest rate of 10%, what is the net value of the payments versus receipts in today's dollars?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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