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Question - In January 1, 2020, Serendipity Co. purchased investment securities for P3,000,000. The securities are classified as investment in equity securities at fair value through profit or loss. At December 31, 2020, the securities had a fair value of P4,200,000 but not yet been sold. The company also recognized a P800,000 restructuring charge during the year. The restructuring charge is composed of an impairment write down of manufacturing facility. Tax rules do not allow a deduction for the write down unless the facility is sold. The facility was not sold by the end of the year. After including the unrealized gain on the equity investment @FVPL and the restructuring charge, the accounting income before tax for the year was P10,000,000. The income tax rate for the current and future years is 30%. What is Serendipity's current tax expense?
The current financing mix is P750,000 of common stock, P200,000 of preferred stock (P50 par) and P300,000 of debt. Compute cost of capital for retained earnings
While rummaging through your grandfather's attic, you came across a rare civil war document: An official letter by Lincoln to one of his generals. You engaged Sotheby's Auction House and sold the document for $100,000. What is your tax liability?
What would be the depreciation expense for the first year under normal depreciation, double declining and units of production method
The Summary and Conclusions Worksheet tab is an overall comparison of how each company compares in terms of the major category of ratios.
total common dividends paid are 100000 and there are an average of 50000 shares outstanding. net income less any
Discuss how consumer's involvement and their activated product knowledge affect the problem solving process during purchase decisions for products like buying a new car, an engine oil, a cough remedy, and health insurance.
Irwin decided to change to the straight-line method. Ignoring income taxes, prepare the journal entry relating to the machine for 2016
Management Accounting ACC203 - Prepare the direct materials usage and purchase budgets for 2018 - Calculate the unit cost of desk in closing inventory
Accounting standards are now awash with principles of ‘fair value' and tiers of determining how to calculate such. Auditors sign off that the accounts comply with the appropriate accounting standards.
IFRS 2-1: In what ways does the format of a statement of financial of position under IFRS often differ from a balance sheet presented under GAAP?
Donna does not think she has an income tax problem but would like to discuss her situation with you just to make sure there is no unexpected tax liability.
Question - Decision on Transfer Pricing - How much would the Instrument Division's income from operations increase
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