2,150,000 1,750,000
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- Atlas Company acquired PPE on January 1, 2022 consisting of: Cost Residual Value Useful Life (yrs)Building P10,000,000 350,000 25Machinery 4,500,000 120,000 8Equipment 2,030,000 80,000 15 4. What is the composite rate of the assets’ depreciation? a. 15.6%b. 22.25% c. 22.4% d. 25.1%5. What is the composite life of the PPEs acquired? a. 22 yearsb. 25 years c. 16 years d. 18 yearsDont uplode image in answer At 1 July 2019 David Ltd acquired the following non-current assets: Machine A Machine B Machine C Cost 48,000 Cost 70,000 Cost 85,000 Useful Life 8 years Useful Life 8 years Useful Life 10 years The firm uses the valuation model for all three assets At 30 June 2020, the fair values of all assets were assessed. Machine A had a fair value of $45,000, and Machine B a fair value of $58,000. The remaining useful lives were assessed to be 5 years for Machine A and 4 years for Machine B. At this time the value of Machine C was unchanged. At 30 June 2021, Machine C was sold for a consideration of $75,000. On the same date the fair values of Machine A and Machine B were reassessed. Machine A had a fair value of $32,000 and Machine B a fair value of $54,000. Required: Prepare the journal entries for David Ltd for the years ending 30 June 2020 and 2021. Assume a tax rate of 30%.In January 1, 2020, the following assets of Company A had the following corresponding values: Carrying amount EUL Sound Value Year acquired 5,400,000 5,750,000 *7.600.000 7,850,000 Machinery Equipment O 3.122.600 O 3.050.000 Ⓒ 2.988.000 Residual Value 3.837.500 500,000 400,000 10 12 The company decided to measure these properties using revaluation model. Full year depreciation is taken on the year of purchase. In January 1, 2022, the replacement cost of equipment was revalued at P5.100.000. What is the amount taken to profit or loss as a result of the revaluation on January 1. 2022? 2017 2016
- Presented below is information related to Wolfie Corp.’s equipment on 12/31/2022: Description Amount Capitalized cost $900,000 Accumulated depreciation to date 750,000 Estimated residual value 40,000 Expected future cash flows 125,000 Estimated Fair value 100,000 The amount of the impairment loss, if any, that Wolfie Corp. should record on 12/31/22 is: $45,000 $50,000 $10,000 $20,000 $25,000 There is no impairment.Investment Property Determine the cost of the following items of investment acquired by Sasha Corporation during 2022; Land site for capital appreciation was acquired for P8,600,000. The company paid P430,000 commission to a real estate agent. Costs of P 135,000 were incurred to clear the land. During the course of clearing the land, timber and gravel were recovered and sold for P 65,000. The cost of investment property is _____________ Land and building were acquired to be held for under operating leases. The company made a de payment of P4,000,000, issued 20,000 P200 par ordinary shares with a market price of P240 per share, and issued a three-year non-interest-bearing note for P6,000.000 note is payable in equal annual installments of P2,000,000 at the end of each year from the date of purchase. The prevailing interest rate for similar notes is 10%. 30% of the purchase price is allocated to the land. Investment property is recorded at __________On January 1, 2022, Edson Company acquired three investment properties: Initial cost Fair value,12/31/2022 Fair value, 12/31/2023 Property 1 Property 2 Property 3 2,700,000 3,200,000 3,500,000 3,450,000 3,300,000 3,000,000 3,900,000 2,800,000 3,400,000 Each property had an estimated useful life of fifty years. The accounting policy is to use the fair value model for investment property. What is the gain or loss to be recognized for the year ended December 31, 2023? A. 250,000 loss B. 400,000 loss C. 300,000 gain D. 700,000 loss
- The information that follows relates to equipment owned by Sweet Acacia Limited at December 31, 2023: Cost Accumulated depreciation to date Expected future net cash flows (undiscounted) $3,600,000 400,000 2,800,000 Expected future net cash flows (discounted, value in use) 2,540,000 Fair value Costs to sell (costs of disposal) 2,480,000 20,000 Assume that Sweet Acacia will continue to use this asset in the future. As at December 31, 2023, the equipment has a remaining useful life of four years. Sweet Acacia uses the straight-line method of depreciation. Assume that Sweet Acacia is a private company that follows ASPE. (c) * Your answer is incorrect. The equipment's fair value at December 31, 2024, is $2.60 million. Prepare the journal entry, if any, to record the increase in fair value. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List…Selling an asset at gain or loss Alpha Communication purchased equipment on January 1, 2018, for $27,500. Suppose Alpha Communication sold the equipment for $20,000 on December 31, 2020. Accumulated Depreciation as of December 31, 2020, was $10,000. Journalize the sale of the equipment, assuming straight-line depreciation was used.ABC Ltd acquired an item of machinery on 1 July 2021 for a cost of $120 000 When the asset was acquired it was considered that the asset would have a useful life to the entity of five years, after which time it would have no residual value It was considered that the pattern of economic benefits would best be reflected by applying the sum-of-digits method Contrary to expectations, on 1 July 2023 the asset was sold for $80 000 Required 1. What was the profit on disposal on 1 July 2023 and what are the journal entries to record the disposal? (Use sum of digit depreciation method) 2. Prepare Depreciation Schedule for the period.
- Sylvia Company has a long-term plant asset with the following information as of the end of the year: Net book value $87,200 Estimated future cash flows $68,000 Fair Value $60,000 The amount of the impairment loss is: A. $155,200 B. $19,200 C. $8,000 D. $27,200Assets Acquired by Exchange Bremer Company made the following exchanges of assets during 2019: 1. Acquired a more advanced machine worth 10,000 by paying 2,000 cash and giving up a machine that had originally cost 40,000 and has a book value of 12,000, 2. Acquired a building worth 55,000 by paying 5,000 cash and giving up a piece of land that had originally cost 35,000. 3. Acquired a more advanced machine worth 20,000 by paying 5,000 cash and giving up a machine that had originally cost 13,000 and has a book value of 11,000. 4. Acquired a car by giving up a truck that had originally cost 20,000, has a book value of 15,000, and has a blue book value of 16,800. In addition, the company received 1,000 cash. Required: Prepare Bremers journal entry for each exchange. Assume all exchanges were determined to have commercial substance.On January 1, 2014, Klinefelter Company purchased a building for 520,000. The building had an estimated life of 20 years and an estimated residual value of 20,000. The company has been depreciating the building using straight-line depreciation. At the beginning of 2020, the following independent situations occur: a. The company estimates that the building has a remaining life of 10 years (for a total of 16 years). b. The company changes to the sum-of-the-years-digits method. c. The company discovers that it had ignored the estimated residual value in the computation of the annual depreciation each year. Required: For each of the independent situations, prepare all journal entries related to the building for 2020. Ignore income taxes.
