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Problem 1: On April 1, 2020, Lyza Company purchased to Mac Inc 3 year ,12% bonds with a face value of P1,000,000 for P978,452.60 including accrued interest of P30,000. The bonds will mature on Dec 31,2022 and pay interest quarterly. Lyza Company has a business model of collecting all0 contractual cash flows on all its debt securities until maturity. What is the amount of income Lyza Company should recognize related to the bond investment on Dec. 31,2020? 2. On Jan 1, 2020, Amy Co. showed land with carrying amount of P10,000,000 and building with cost of P60,000,000 and accumulated depreciation of P18,000,000. The land and building was revalued on same date and revealed the fair value of land at P15,000,000 and the building at P70,000,000. The original useful life of the building is 20 years and depreciation is computed on straight line. The income tax rate is 30%. What is the annual depreciation for 2020?
The total of the figures on the left side of a Cash account is $25,800. The total of the figures on the right side is $14,100. The balance of this account
Prepare in Good form for year ended 12/31/2016 (a) an income statement, (b) a statement of owner's equity, and (c) a balance sheet
Sammy owned a home in south Florida that was severely damaged by hurricane. Assuming that Sammy AGI was $115,000 this year what is Sammy casualty loss deduction
Paid income taxes of $25,000, and had before tax interest expense of $15,000. Use this information to find the Times Interest Earned Ratio
A future payment is reported as a liability on the balance sheet if payment is contingent on a future event.
Question - Production and Direct Material Budgets. What was the number of units in ending direct materials in inventory at December 31, 2016
State any circumstances that would warrant deviation from this policy. Discuss the disadvantages of the partnership form of business ownership.
Daffy Duct, Inc., began operations on January 1. Raw materials $8,000. Calculate the Inventory balance on the balance sheet at December 31
Nokia (www.Nokia.com), Research In Motion, and Apple are competitors in the global marketplace. Selected results from these companies follow.
Adjusted ordinary gross income
What is an uncorrected misstatement? What is the auditors' responsibility for uncorrected misstatements during the completion stage of the audit engagement
What amount of gain or loss does Ramon realize on the transfer of the property to his corporation? What is Ramon's basis in stock he receives in his corporation
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