Reference no: EM132945032
Question - On May 3, 2012, Rhad Company completed the construction of a Building at a total cost of P14M. The building is estimated to have an estimated residual value of P1M and useful life of 10 years. The company uses cost model in their valuation of PPE and uses straight line depreciation method. On December 31, 2014, the company performed impairment test and impairment loss of P480,000 was recognized. On October 31, 2016, the Building was reclassified to investment property as the property will rented out under an operating lease. No change in useful life and residual value is expected after the change. The company's policy on investment property is to measure it using fair value model. On the same date, the fair value of the asset was determined to be P10,050,000. The fair value of the asset on December 31, 2016 and 2017 was P11,000,000 and P11,450,000, respectively. During the first quarter of 2018, the company decided to use the building as their head office and factory site. Therefore, on May 1, 2018, the investment property was reclassified back to PPE when the fair value was P9,500,000. The company's reporting period is December 31.
Required - Based on the above data, answer the following:
1. What is the net amount to be presented in the Statement of Comprehensive Income for the period ended 2012?
P1,400,000
P933,333
P1,300,000
P866,667
2. What is the net amount to be presented in the Statement of Comprehensive Income for the period ended 2014?
P1,780,000
P1,300,000
P-0-
P480,000
3. What is the net amount to be presented in the Statement of Comprehensive Income for the period ended 2015?
P-0-
P1,370,909
P1,234,545
P1,300,000
4. What is the net amount to be presented in the Statement of Comprehensive Income for the period ended 2016?
P4,238,788
P1,231,212
P2,181,212
P3,210,000
5. What is the net amount to be presented in the Statement of Comprehensive Income for the period ended 2017?
P-0-
P1,645,455
P2,095,455
P450,000
6. What is the net amount to be presented in the Statement of Comprehensive Income for the period ended 2018?
P2,322,222
P-0-
P4,272,222
P1,950,000
|
What is the required return on Amy portfolio
: Suppose, the 3-month t-bill rate is currently 3% and the expected return on the market portfolio is 9%. What is the required return on Amy's portfolio
|
|
What is happening to lindsey attitude
: -What can you say about the relationship between Lindsey and her director? Do you think he is a good manager/leader?
|
|
When will the note mature
: Question - Isabel Consulting borrowed $100,000 on May 24, 2021, by signing a 60 day, 4% note payable. When will the note mature
|
|
What is the amount of adjustment required
: On 1 July 2018, Parent Led sold an item of plant to Subsidiary Ltd for $63 000. What is the amount of adjustment required
|
|
What is the net amount to be presented in the statement
: What is the net amount to be presented in the Statement of Comprehensive Income for the period ended 2018
|
|
What is the expected selling price of the bonds
: The bonds mature in ten years. At the time of issuance, the market interest rate for similar types of bonds was 8%. What is the expected selling price of bonds
|
|
Welcome to strategic innovation simulation-back bay battery
: You are the president of Back Bay Battery, Inc., a $240 million revenue division of a $40 billion consumer electronics manufacturer. Back Bay Battery produces t
|
|
Contribute towards competitive advantage of company
: Discuss areas where the communities of practice can contribute towards competitive advantage of a company.
|
|
What is the carrying amount of the loan receivable
: On December 31, 2017 Oregon Bank recorded an investment of P5,000,000 in a loan granted to a client. What is the carrying amount of the loan receivable
|