User Account

All Pages

What is the carrying amount of the building on December

Assignment Help Accounting Basics
Reference no: EM133188217

Question - On January 1, 2021, the Bergs Company acquired a building to be held as an investment property for 5,000,000.  After initial recognition, the entity measured the investment property using the cost model because the fair value cannot be measured reliably.  On December 31, 2021,  management assessed the useful life of the building at 20 years from the date of acquisition and presumed the residual value to be nil because the fair value cannot be determined reliably. At year-end, there was an offer to buy the building amounting to 6,500,000 but management declined this offer. What is the carrying amount of the building on December 31, 2021?

A. 5,000,000

B. 4,750,000

C. 6,175,000

D. 6,500,000

Reference no: EM133188217

Questions Cloud

Determine strengths-development needs : Based on your performance goals, prioritize 2-3 areas to focus on developing for the year.
What amount should be recognized as gain : The useful life of the property is 40 years. What amount should be recognized as gain for 2021 in respect of the investment property
Keyword internet search for business plans : Enter keyword Internet search for "business plans." When you find a sample business plan that interests you, make a thorough analysis of it.
Difference between a variance and a special exception : What is the difference between a variance and a special exception regarding adjustments allowed in the zoning process?
What is the carrying amount of the building on December : On January 1, 2021, the Bergs Company acquired a building to be held as an investment property for 5,000,000. What is the carrying amount of the building
Disruptive business and technology : Do you agree that the future requires a change from 20th-century leadership models? To what level should the future leaders be more youthful and/or associated w
Paper and digital record keeping systems of ihbc : List the existing existing data and information systems and paper and digital record keeping systems of ihBC.
What would be the impact on Year consolidated net income : What would be the impact on Year 2020 consolidated net income attributable to the shareholders of Pen if the intercompany sale had been by Sen to Pen
Who is the target market for the property : You are the senior property manager in your agency and after completing a property appraisal report as per the landlord's instructions, the landlord has signed

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