Reference no: EM132938104
Question - On June 12, 2019, L Company classified a non-current as "Held for Sale." On this date, before its reclassification, its amount was P5,000,000 and its expected selling price was P4,500,000 with expected cost to sell of P300,000.
By December 31, 2019, the asset had not yet been sold, but the management is still committed to a plan to sell it, and the sale considered to bc highly probable. The entity estimated that because of recent changes for the demand of the product that is produced by the asset and expected favorable price movement, the asset was now expected to be selling at P5,500,000 with related cost to sell unchanged. Depreciation from July 1 to December 31 would have been P500,000.
What amount of gain shall be recognized at December 31, 2019 as a result of the increase in the fair value less cost to sell of the asset?
a. P0
b. P700,000
c. P800,000
d. P1,000,000
|
Determine the amount to be assigned to common shares at time
: Fortune Cookie Inc. (FCI) issued $10 million of 10-year, Determine amount to be assigned to common shares at the time of conversion, assuming FCI follows IFRS.
|
|
What amount of share in profit of associate
: The investee reported net income of P8,000,000 for 2019. What amount of Share in Profit of Associate should be reported by Park Bo Gum Company for 2019
|
|
Describe in words the hedging strategy
: Describe in words the hedging strategy that the company should take. A Japanese manufacturer would like to hedge against the risk that the Yen will appreciate.
|
|
How do prepare the journal entries for vos limited
: The price of the company's common shares has been increasing steadily on the market; it was $22 on January 1, 2020. Prepare the journal entries.
|
|
What amount of gain shall be recognized at December
: What amount of gain shall be recognized at December 31, 2019 as a result of the increase in the fair value less cost to sell of the asset
|
|
What is the carrying amount of the investment
: Jennifer Company acquired 20% of the outstanding ordinary shares of another entity for P5,000,000. What is the carrying amount of the investment
|
|
What is the stock expected dividend yield for coming year
: If D0 = $1.20, g (which is constant) = 4%, and P0 = $30.00, what is the stock's expected dividend yield for the coming year? Hint: You need to find D1 first.
|
|
How much will have in her retirement plan at retirement
: Judith is 40 and plans to work to age 65. If she contributes $200 per month, how much will she have in her retirement plan at retirement?
|
|
What is the maximum deductible contribution
: Roger is 31 and Camilla 27. Their combined income is $113,500. What is the maximum deductible contribution they can make
|