User Account

All Pages

What amount of investment property should be reported

Assignment Help Financial Accounting
Reference no: EM132859042

Question 1: VIOLET Company acquired an investment property on March 31, 2019 for ?4,830,000. In addition, ?210,000 was paid to the local authority as property transfer tax and ?280,000 paid to professional advisers. The useful life of the property is 40 years. The fair market values of the property on December 31, 2019 and 2020 were ?5,600,000 and ?5,400,000 respectively. If the company is using the cost model what amount of investment property should be reported in the December 31, 2020 statement of financial position? 

Option 1: ? 5,087,250

Option 2: ? 5,320,000

Option 3: ? 5,400,000

Option 4: ? 5,054,000

Reference no: EM132859042

Questions Cloud

Crowdsourcing based intermediaries for problem solving : Describe in brief any one instances of open innovation / Crowdsourcing based intermediaries for problem solving.
What amount should be reported as dividend income : Prevailing market price of the trading security is at ?49 per share. What amount should be reported as dividend income on the December 31, 2020 income statement
Determine the sales volume in dollars : If the contribution margin is 0.4 targeted operating income is $65,000 and fixed cost are 100,000, then determine the sales volume in dollars
What is the loan impairment loss for brown bank : There is a high probability that remaining interest payments will not be paid. The prevailing market rate is 10%. What is the loan impairment loss for 2020?
What amount of investment property should be reported : If the company is using the cost model what amount of investment property should be reported in the December 31, 2020 statement of financial position?
What total cost for goods should be included in inventory : These goods were received on December 31, 2020. On December 31, 2020, what total cost for these goods should be included in inventory?
How much is allocated to land and building upon initial : The date of acquisition are ?1,100,000 and ?1,650,000, respectively. How much is allocated to land and building upon initial recognition of BLUE?
What is the cost of goods sold for the year : Tulsa Company, (a merchandising co.) has the following data pertaining to the year ended December 31, 2019: What is the cost of goods sold for the year
What is the carrying amount of the investment in associate : Ordinary shares and issued 10% stock dividend on December 31, 2020. What is the carrying amount of the investment in associate on December 31, 2020?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Transaction in journal entries

Record the above transaction in journal entries

  What is amount that will appear under non current liability

What is the amount that will appear under the non current liabilities in respect of this lease in the statement of financial position as at 31 December 2019

  Crozet earnings per share after the buyback

Crozet Corporation plans to borrow just enough money to repurchase 100,000 shares. The following information relates to the share repurchase:

  Multiple choice question based on cash flow

multiple choice question based on cash flow statement.1.miller company purchased treasury stock with a cost of 15000

  What is the company budgeted fixed overhead rate per output

What is the Company's budgeted fixed overhead rate per machine hour? What is the Company's budgeted fixed overhead rate per output unit?

  Explain how rika ltd costs should be accounted

Identify different costs listed in the case study and explain how Rika Ltd's costs should be accounted for under AASB 138/IAS 38 Intangible Assets

  Owner income and expense estimates

1. Given the following owner's income and expense estimates for an apartment property, formulate a reconstructed operating statement.

  Preparation of a statement of financial position

Provide the journal entries necessary to account for the above transactions and events for the year ended 31 December 2016 for T. Padroni Ltd.

  Show diversity for a multinational corporation

What are the main problems caused by worldwide accounting diversity for a multinational corporation?

  Difference between procedural rules and substantive rules

What is the difference between procedural rules and substantive rules? Which are more important for the average person in society to know? Why?

  Question1 using excel prepare a flowchart documenting the

question1. using excel prepare a flowchart documenting the salescollection process for elm corporation using the facts

  Why do we need different tools for analyzing financial

Why do we need different tools for analyzing financial statements? Don't the numbers in the financial statements speak for themselves?

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