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On January 2, 2002, Beige Company has completed the construction of a building for a total cost of P15,000,000. The building is to be depreciated on a straight-line basis over its estimated useful life of 50 years. On January 2, 2017, Beige converted the building into a commercial establishment with only minor renovation costs incurred. In consultation with an appraiser, the building's sound value as of January 1, 2017 was P14,700,000. In January 1, 2018, due to a sudden change in the economic environment, Beige is evaluating possible impairment. A reliable estimate revealed that the building has a remaining useful life of 10 years and will provide a total net cash inflow of P1,500,000 per year. The discount rate is 10%. Problem 1: What is the amount of impairment loss, if any, on January 1, 2018?
Silent Corporation decided to reclassify/transfer the property, On the date of transfer, what amount should the inventory be valued?
Puri is a self-employed Spanish teacher. Her earnings from self-employment. What is her maximum deductible Keogh contribution for 2019?
Calculate Gross Earnings and calculate Deduction amount and calculate Withholding amount
Prepare the journal entry to record the conversion of the bonds into 50,000 shares of $20 par value common stock. Assume the bonds were issued at par.
Consider Agency Theory, Stewardship Theory and Stakeholder Theory. Which theory do you think best describes the problems of corporate governance
Which Cash flows relating to asset held for rental to others are classified as? Which Cash receipts from royalties and commissions are
What loss, if any, could Sound Audio report in its 2013 income statement? What liability, if any, should Sound Audio report in its 2013 balance sheet?
Wahler Corporation manufactures and sells one product. In the company's forst year of operations, the variable costs consisted soley of direct materials of $80 per unit. the annual fixed costs were $640,000 of administrative expense. The company does..
Give SWOT analysis of trillium health partners that is mention strengths, opportunities and threats of strategic plan of trillium health partners canada
Briefly discuss the four tier system for financial reporting (Use an appropriate diagram or table as part of your answer.
If sales totaled $578,725 for the year (82,675 units at $7 each) and the planned sales totaled $865,480 (78,680 at $11.00 each), the effect of the quantity factor on the change in sales is:
Explain how CPAs should evaluate risks to integrity and objectivity when considering providing gifts to audit clients and/or client management or accepting risks from them. What is the nature, value, and intent of the gift? Is it more than clearly in..
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