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Question - Jude Corporation acquired a building on January 1, 2021. The acquisition cost was P5,000,000 payable at the rate of PIM at the beginning of each year starting January 1, 2021. The company paid option money totaling P400,000, P85,221 of which is attributed to real properties not acquired. The company also paid property taxes in arrears as of January 1, 2021 at P147,872. The prevailing market rate of interest for transaction is 12%. The building is estimated to have useful life of 25 Years. The property was appraised at the end of each year as follows:
2021
2022
2023
Appraised values
P4,600,000
P4,100,000
P4,300,000
How much should the property be initially recognized?
What is the carrying value property of the as of December 31, 2022, assuming that the building is an owner-occupied property?
What is the carrying value of the property as of December 31, 2023, assuming that the building is an investment property under the cost method?
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Near the end of 2015, the management of Isle Corp., a merchandising company, prepared the following estimated balance sheet for December 31, 2015. Prepare a master budget for the first three months of 2016. Round to the nearest dollar. Prepare a mast..
assume that wallywill inc. offered its customers which are primarily retail stores who sell its products an advertising
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