Reference no: EM132794963
Questions -
Q1. On January 1, 2019 Grandeur Company acquired 460,000 P100 2% bonds for P94 each. Issue costs amount to P22,600 in total. The redemption value of zero-coupon bonds is higher than the par value, which gives rise to an implicit rate of interest of 5%. The bonds are measured at amortized cost and interest is received in arrears. What is the carrying value of the bonds as od December 31, 2019?
Q2. Flora Company has granted 200 share appreciation rights to each of its 300 employees on January 1, 2014. The rights are due to vest on December 31, 2015, with payment being made on December 31, 2016. During the year 2014, the company estimated that all options would vest; although only 90% of the options actually vested.
Share prices are as follows:
January 1, 2014 P20
December 31, 2014 P24
December 31, 2015 P27
December 31, 2016 P30
What liability will be recorded on December 31, 2014 as a result of the share appreciation rights?
Q3. Super-9 Company, places a coupon in each box of its product. Customers may send in ten coupons and P3 and the company will send them a romantic pillow. Sufficient pillows were purchased at P5.40 a piece. During 20x9, 1,260,000 boxes were sold. It was estimated that a total of 5% of the coupons will be redeemed. How much is the liability for premiums outstanding as of December 31, 20x9?
Q4. Western Company operates an oil rig of West Virginia. As part of its contractual arrangements with the government, it is required to make good the sea bed when the oil rig ceases to operate after 10 years. There is 75% likelihood that the costs of making good the seabed will be P 2,500,000 (present value P 1,900,000) and 25% likelihood that the costs will be P 1,800,000 (present value P 1,350,000). What amount of provision should Western Company make in respect of the legal obligation?
Q5. An entity purchased a machine for P5,000,000 on January 1, 20x20. The entity received a government grant of P1,000,000 in respect of this asset. The policy is to depreciate the asset over 5 years on straight line basis and to treat the grant as deferred income. On January 1, 20x22, the grant became fully repayable because of noncompliance with conditions. What is the loss on repayment of grant in 20x22?
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