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What should smith capital balance be on july

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Reference no: EM132671889

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Problem 1: On January 4, 2007, Taylor Co. leased a building to Swift Corp. for a ten-year term at an annual rental of P75,000. At inception of the lease, Taylor received P300,000 covering the first two years' rent of P150,000 and a security deposit of P150,000. This deposit will not be returned to Swift upon expiration of the lease but will be applied to payment of rent for the last two years of the lease. What portion of the P300,000 should be shown as a current liability in Taylor's December 31, 2007 balance sheet?

P-Formation

Problem 2: Avers and Smith formed a partnership on July 1. Avers contributed cash of P50,000. Smith contributed property with a P36,000 carrying amount, a P40,000 original cost, and a fair value of P80,000. The partnership assumed the P35,000 mortgage attached to the property. What should Smith's capital balance be on July 1?

Reference no: EM132671889

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