Reference no: EM133042429
Questions -
Q1. In 2009, Collins company acquired a land for P2,000,000 containing total estimated 175,000 tons of extractable mineral deposits. The company estimates that the property will be valued at P200,000 after extracting the mineral resource. Extraction began in 2010 recovering 25,000 tons of mineral resources which were sold. What is the amount of depletion for 2010?
Q2. A portion of the office building of ABC Co. was destroyed by a fire on January 2, 2010. You were able to recover the following information on one of its PPE items:
An entry made on December 31, 2009 on piecemeal realization of Revaluation surplus:
Revaluation Surplus 250,000
Retained Earnings 250,000
information regarding the revaluation of the machinery on January 1, 2009 revealed the Sound Value of the machinery for P7,800,000. The remaining useful life of the asset as of revaluation date is 10 years and the book value of the machinery is actually 5/6 of its acquisition cost. You also found out that the machinery was acquired through credit and a discount of 6% was unintentionally not taken by the management. How much is the purchase price of the machinery net of discount?
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