User Account

All Pages

What is entry to record the transfer of land to investment

Assignment Help Accounting Basics
Reference no: EM132759728

Payne Company's inventory is land with carrying amount of P1,000,000. On December 31, 20X1, when the fair value of the land was P930,000, the entity decided to lease out the land rather than sell it. The entity uses the fair value model for its investment property.

Problem 1: What is the entry to record the transfer of the land to investment property?

Reference no: EM132759728

Questions Cloud

Patient protection and affordable care act : how many Americans remain uninsured despite the PPACA (Patient Protection and Affordable Care Act), using the most current scholarly resource available.
Individual and organizational sources of power : What are some examples of individual and organizational sources of power and their consequences for followers and organizations?
What is the entry to record the reclassification of building : What is the entry to record the reclassification of the building? On January 1, 20X1, Dream Company, a real estate company, decided not to lease.
Function of operations and environment : Capacity management in businesses is a function of their operations and environment.
What is entry to record the transfer of land to investment : Payne Company's inventory is land with carrying amount of P1,000,000. What is the entry to record the transfer of the land to investment property?
What are the total equivalent units for direct materials : The ending work in process inventory was 6,200 ounces (40% complete). What are the total equivalent units for direct materials
What income or expense should galore recognize : Under the fair value model, what income or expense (with corresponding amounts) should Galore recognize in P&L in 20X7 and 20X8?
Cultural diversity : How will trends in immigration and population growth affect American culture and how Americans view their cultural identity?
What journal entry for transaction for highland corporation : Highland Corporation was organized on January 1, 2014. It is authorized to issue 50,000, What is the journal entry for this transaction?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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