Problem 11 Digimon Company owned three properties which are classified as investment properties. Details of the properties are as follows: Property 1 Property 2 Property 3 Initial cost 2,700,000 3,450,000 3,300,000 Fair value Dec. 31, 2022 3,200,000 3,050,000 3,850,000 Fair value Dec. 31, 2023 3,500,000 2,850,000 3,600,000 Each property was acquired at the beginning of 2017 with a useful life of 25 years. Compute for the total carrying amount to be reported as investment property on December 31, 2023 assuming the policy is to use: a. The cost model
Problem 11 Digimon Company owned three properties which are classified as investment properties. Details of the properties are as follows: Property 1 Property 2 Property 3 Initial cost 2,700,000 3,450,000 3,300,000 Fair value Dec. 31, 2022 3,200,000 3,050,000 3,850,000 Fair value Dec. 31, 2023 3,500,000 2,850,000 3,600,000 Each property was acquired at the beginning of 2017 with a useful life of 25 years. Compute for the total carrying amount to be reported as investment property on December 31, 2023 assuming the policy is to use: a. The cost model
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![Problem 11 Digimon Company owned three properties which are classified as investment
properties. Details of the properties are as follows:
Property 1
Property 2
Property 3
Initial cost
2,700,000
3,450,000
3,300,000
Fair value
Dec. 31, 2022
3,200,000
3,050,000
3,850,000
Fair value
Dec. 31, 2023
3,500,000
2,850,000
3,600,000
Each property was acquired at the beginning of 2017 with a useful life of 25 years.
Compute for the total carrying amount to be reported as investment property on December 31,
2023 assuming the policy is to use:
a. The cost model](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1ab46ef9-653c-4b3a-adea-50adf0e22c9f%2Fd1a81812-5f5b-4e48-9c0a-80881318ccaa%2Fb538m1_processed.png&w=3840&q=75)
Transcribed Image Text:Problem 11 Digimon Company owned three properties which are classified as investment
properties. Details of the properties are as follows:
Property 1
Property 2
Property 3
Initial cost
2,700,000
3,450,000
3,300,000
Fair value
Dec. 31, 2022
3,200,000
3,050,000
3,850,000
Fair value
Dec. 31, 2023
3,500,000
2,850,000
3,600,000
Each property was acquired at the beginning of 2017 with a useful life of 25 years.
Compute for the total carrying amount to be reported as investment property on December 31,
2023 assuming the policy is to use:
a. The cost model
![Problem 9
Mel Company acquired a new machinery On August 15, 2022. The following data are available:
P 1,400,000
20,000
40,000
15,000
50,000
30,000
Invoice price
Cash discount available but not taken on purchase
Freight paid on the new machinery
Cost of removing the old machinery
Installation cost of the new machinery
Testing cost before the new machinery was put into
regular operation
Proceeds from the sale of samples produced during
testing
Cost of training employees which improved their
efficiency
Loss on premature retirement of the old machinery
Estimated cost of manufacturing similar machinery in
the entity's own plant, including overhead
Compute for the cost of the new machinery
5,000
10,000
5,000
1,300,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1ab46ef9-653c-4b3a-adea-50adf0e22c9f%2Fd1a81812-5f5b-4e48-9c0a-80881318ccaa%2Fxag02bc_processed.png&w=3840&q=75)
Transcribed Image Text:Problem 9
Mel Company acquired a new machinery On August 15, 2022. The following data are available:
P 1,400,000
20,000
40,000
15,000
50,000
30,000
Invoice price
Cash discount available but not taken on purchase
Freight paid on the new machinery
Cost of removing the old machinery
Installation cost of the new machinery
Testing cost before the new machinery was put into
regular operation
Proceeds from the sale of samples produced during
testing
Cost of training employees which improved their
efficiency
Loss on premature retirement of the old machinery
Estimated cost of manufacturing similar machinery in
the entity's own plant, including overhead
Compute for the cost of the new machinery
5,000
10,000
5,000
1,300,000
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