Reference no: EM133178500
Problem 1 - The following accounts were taken in the ledger of Bergs Company as of December 31, 2022:
Amount set up by the Board of Directors as goodwill- P200,000
Losses in early years of company- P300,000
Trademarks- P780,000
Patents- P260,000
Goodwill from the acquisition of net assets of a company- P130,000
Organization costs- P100,000
In the statement of financial position of Bergs Company, the total intangible assets should be:
Problem 2 - Bergs Company's accounting policy with respect to investment property is fair value model at the end of each reporting period. One investment property had a fair value of P8,000,000 on December 31, 2021. The property was acquired on January 1, 2021 for a total of P7,600,000, made up of P6,900,000 paid to the vendor, P300,000 to the local authority as property transfer tax and P400,000 paid to professional advisers. The useful life of the property is 40 years.
What amount should be recognized as gain for 2021 in respect of the investment property?
a. P400,000
b. P700,000
c. P800,000
d. P590,000
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