Reference no: EM133190072
Questions -
Q1) The following information relates to Puregold Price Club Inc. (PPCI) for the year 2022. PPCI has a pricing policy that allows 30% profit on the sales price.
Unearned Revenue from Gift Certificates Outstanding, January 01, 2022 - P250,000
Gift certificates sold during the year - P900,000
Gift certificates issued relating to sales promotion during the year - P100,000
Gift certificates redeemed during the year - P900,000
Gift certificates relating to the entity's promotion that expired during the year - P12,500
Additional outstanding gift certificates expected to expire in 2022 - P6,000
How much is the unearned revenue from gift certificates outstanding at December 31, 2022?
Q2) On January 2, 2022, Bergify Co. entered into a 5-year lease contract for drilling equipment. Bergify recorded the lease liability for P2,400,000, which includes a present value of P100,000 for the purchase option. Bergify estimates that the fair value of the equipment at the end of its 8-year economic life will be P200,000. Bergify uses double-declining method of depreciating its assets.
What amount should Bergify recognize as depreciation expense on the leased asset for 2022?
Q3) On July 1, 2021, the board of directors of ABC Co. declares a 10% share dividend. The market price of ABC's 600,000 outstanding ordinary shares with a par value of P50 on the date of declaration was P80 per share. When the share price was P100 per share on September 1, 2021, the dividend was paid.
As a result of the dividend declaration, how much is the increase in the current liability section of ABC's financial statement?
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