User Account

All Pages

Find what is the revaluation surplus on december

Assignment Help Accounting Basics
Reference no: EM132674949

Gooding Company provided the following data pertaining to a revalued machinery on January 1, 2019. Cost of Machinery 15,000,000; Replacement cost 18,000,000; 6-year life, 3 years expired. On January 1, 2020, an impairment is detected and the recoverable amount on this date of the machinery is determined to be P2,400,000.

Problem 1: What is the revaluation surplus on December 31, 2019?

Problem 2: What is the impairment loss to be recognized for 2020?

Reference no: EM132674949

Questions Cloud

What is the fair value of the asset sold stand-alone : The company credited Accumulated depreciation for 44,000 when it recorded impairment at year-end. What is the fair value of the asset sold stand-alone?
Maximizing shareholder wealth or maximizing profits : 1. Should a company emphasize maximizing shareholder wealth or maximizing profits? Explain.
Why there are many option writers willing to sell options : Knowing that option sellers have limited gain and unlimited loss, why there are many option writers willing to sell options?
What is the carrying amount of equipment for landau company : Landau Company purchased equipment for P5,600,000. After any loss on impairment has been recognized, what is the carrying amount of the equipment?
Find what is the revaluation surplus on december : What is the revaluation surplus on December 31, 2019? On January 1, 2020, an impairment is detected and the recoverable amount on this date of the machinery.
Role of government in providing health insurance : Compare and contrast the three major government health insurances. Include eligibility, administrative jurisdiction, and method of financing.
What amount should the equipment be reported on december : Kline Company has an equipment with carrying amount of P3,200,000 on December 31, 2019. What amount should the equipment be reported on December 31, 2019?
Find what amount should be recognized as impairment loss : Connery Company acquired equipment on January 1, 2019 for P10,000,000. What amount should be recognized as impairment loss for 2020?
Show the graph of the net payoff diagram : Show the gross and net pay-o table of a Bull spread on call option, and show the graph of the net payoff diagram

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd