User Account

All Pages

What amounts should be carried in the statement of financial

Assignment Help Financial Accounting
Reference no: EM132679223

Ingenuous Company acquired a building on January 1, 2020 for P9,000,000.
At that date, the building had a useful life of 30 years.
On December 31, 2020, the fair value of the building was P9,600,000 and on December 31, 2021, the fair value is P9,800,000.
The building was classified as an investment property and accounted for under the cost model.

Problem 1: What amounts should be carried in the statement of financial position and recognized in profit or loss for 2021?

A. Carrying amount - 9,800,000; Profit or loss - 200,000 gain

B. Carrying amount - 8,700,000; Profit or loss - 300,000 expense

C. Carrying amount - 9,000,000; Profit or loss - No gain, no loss

D. Carrying amount - 8,400,000; Profit or loss - 300,000 expense

Reference no: EM132679223

Questions Cloud

How you demonstrate your ethical behavior at home : In your own words, explain what "ETHICS" means to you. Provide an example of how you demonstrate your ethical behavior at home, school, at work.
Which is the most beginning of fraud process : Which of the following is the most beginning of fraud process? data flow diagram (DFD) is composed of the following basic elements
Discuss the three major types of attitude scales : Discuss the three major types of attitude scales. What are the unique features of each? In a recent journal, find an example of a study employing a scale.
Describe the issues related to law enforcement agencies : Discussion and analysis of issues related to law enforcement agencies. For this Assignment, select one of these areas/issues related to law enforcement.
What amounts should be carried in the statement of financial : What amounts should be carried in the statement of financial position and recognized in profit or loss for 2021? At that date, the building had a useful life
Explain the concept of interest rate parity : What does this concept imply about the long-run profit opportunities from investing in international markets? what market conditions must prevail for the concep
Explain the concept of interest rate parity : Explain the concept of interest rate parity. What does this concept imply about the long-run profit opportunities from investing in international markets?
Explain some of the hurdles litigants have encountered : Explain some of the hurdles litigants have encountered when it comes to the Endangered Species Act and standing to bring a lawsuit.
Determine what is the expected return on portfolio a : Determine what is the expected return on Portfolio A if the risk free rate is .04 (4%) and the expected return on the market is 12%?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Calculate the unit depreciation for 1 mile

Calculate the unit depreciation for 1 mile using the units-of-production method. - Calculate the book value of the car after it has done 110,000 miles.

  What is the projected monthly income

The company can accommodate 14,000 patrons each month. What is the projected monthly income if 10,000 patrons visit the theater each? month?

  Estimate the fixed cost involved in the production process

Estimate the fixed cost involved in the production process. Find a point estimate and a 95% confidence interval estimate.

  Why might actual revenues and expenditures reported

Why might actual revenues and expenditures reported on the schedule of revenues, expenditures, and changes in fund balances-budget and actual differfrom

  How to manage working capital to be more efficient

How to manage working capital to be more efficient. Currently using cash conversion cycle, current ratio, quick ratio and cash ratio to manage

  What is kellys deductible theft loss in the current year

What is Kelly's deductible theft loss in the current year and what is Kelly's deductible theft loss in the current year if the theft is not discovered, until January of the following year?

  Show and provide the journal entries at july and june

Show and Provide the journal entries at 1 July 2018 and 30 June 2019. On 1 July 2018 BMW Ltd issues $2 million in 10-year debentures

  Prepare a complete statement of cash flows

Using the financial statement data, prepare a complete statement of cash flows, including any required supplemental disclosures, using the INDIRECT method.

  Number of unrelated transactions for the village

Following are a number of unrelated transactions for the Village of Centerville, some of which affect governmental activities at the government-wide level. None of the transactions has been recorded yet. Prepare in general journal form the necessary ..

  Determine the net effect of plan on novartis pretax profits

Determine the net effect of this plan on Novartis' pretax profits. Can you please help me by providing the authentic solution of this problem.

  What will be the quarterly repayment that have to make

What will be the quarterly repayment that you have to make to the bank? Exactly one year into the loan you inherit some money and decide to use it

  Compute the annual rental lease payments

Elephant Services leased an asset to Northridge Corporation on January 1, 2015. The cost of the asset to Elephant was $25,000. Compute the annual rental lease payments.

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