conditions.   What is the depreciation for 2019? What is the depreciation for 2021? What is the carrying amount of the machinery at the end of 2021? What is the depreciation for 2022

Q: __________1. Loss on repayment of government grant on January 1, 2023 if the company accounts for…

A: Answer 1.  If the government grant is accounted as deferred income, then deferred income will be…

Q: Preposterous Company received a government grant of P2,000,000 related to a factory building that it…

A: The government will grant will be provided by the government to purchase specific assets with some…

Q: Racquel Company purchased a machine for P3,000,000 on January 1, 2020. The entity received a…

A:

Q: What should be the carrying amount of the machine as of December 31, 2021? QUESTION 2: What is the…

A: The determination of the carrying amount of machine as of December 31,2021,the  deferred income…

Q: On Jan. 1, 2020, ABC Corporation purchased an equipment with a cost of P4,400,000. The equipment has…

A: Depreciation as per sum of digits of years  Sum = 1 + 2 + 3 + 4 + 5 + 6 = 21 Depreciation ratios…

Q: Natalie Company purchased a machine for P 6, 600, 000 on January 1, 2014 and received a government…

A: Formula: Straight line depreciation = ( Cost of Asset - Salvage value ) / Useful life years.

Q: On April 1, 2024, Titan Corporation purchases office equipment for $74,000. For tax reporting, the…

A: MACRS: Modified Accelerated Cost Recovery System is a method of depreciation for federal income tax…

Q: Rigg Owusu Enterprises Ltd bought a machine for GH₵ 150,000 on 1st January 2019. It depreciates the…

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

Q: January 1, 2021, NUBD Co. purchased a new machine for P100,000 with an estimated useful life of five…

A:

Q: ) On July 31, 2020, Amsterdam Company engaged Minsk Tooling Company to construct a special-purpose…

A: a.    Calculate weighted-average accumulated expenditures, avoidable interest, and total interest…

Q: Prob dapted) During 2020, Elijah Company constructed a new building at cost of P30,000,000. The…

A: Cost of new building  = P30000000 Weighted  average  expenses = P30000000/2 =P15000000

Q: Kiwi company issued a 2.5% promissory note payable in 3 equal annual installments to purchase…

A: Introduction Note payable is a instrument and promissory note in which person agrees to pay certain…

Q: During 2019, Bing Company constructed its own equipment costing P5,000,000. The weighted average…

A: The question is based on the concept of Accounting Standard on Borrowing Cost.

Q: On January 1, 2021, CAE Company acquires an asset for $450,000,000. It had to spend an additional…

A: Given: On January 1, 2021, CAE Company acquires an asset for $450,000,000. The amount to be spend is…

Q: 21) On January 1. 2021, Nola Company received a grant of P50 million from a foreign government for…

A: Lets understand the basics. As per IAS 20 "Accounting for government grant", when any grant is…

Q: 2. On January 1, 2021, Entity A received land with fair of 200,000 from the government conditioned…

A: a) The income from government gran tin 2021 and 2022 is  2021 - 200,000 2022 - 0 Note :- The…

Q: On January 1, 2021, NUBD Co. purchased a new machine for P100,000 with an estimated useful life of…

A:

Q: On January 1, 2021, Fantastic Corporation received cash of P8,000,000 from a local government to be…

A:

Q: On Jan. 1, 2021, Microsoft Company received a consolidated grant of P12,000,000. Three-fourths of…

A: Grants means the amount received without any sale of product or providing any services. Government…

Q: During 2019, Bing Company constructed its own equipment costing P5,000,000. The weighted average…

A: Capitalized interest refers to the amount of interest that is added to the cost of the fixed asset.…

Q: In January, 2022, Harmony Inc. has the following expenditures related to manufacturing a new…

A: Machineries are the most widely utilized fixed asset in industrial businesses. The acquisition cost…

Q: 53. On January 1, 2019 Cheese Company acquired and installed an oil rig. The was acquired at its…

A: As per IAS16, an entity shall also capitalise the cost of dismantling the asset in future along with…

Q: On January 2, 2020. Kimchi Company received a grant of 60,000,000 to compensate it for cost it…

A: Government grant is the financial award given by the state or central government for the doing some…

Q: On January 1, 2021, CAE Company acquires an asset for $450,000,000. It had to spend an additional…

A: Part (A)   01-Jan-21 Assets A/c Dr 474000000           To Bank A/c   474000000…

Q: An equipment of KAY Corporation was tested for impairment on December 31, 2019. The carrying value…

A: Impairment of assets means reducing the book value  of assets when carrying amount is more than…

Q: Surgimed Ghana Ltd. received a government grant of GH¢300,000 for acquiring plant and machinery…

A: Every company will prepare the accounting statements based on the transactions, and nature of the…

Q: How much is the carrying value of the overpass as of December 31, 2021 assuming ABC used the…

A: Given Cost of overpass = 25000000 Life = 20years  Depreciation per year = 25000000/20 = 12500000

Q: On January 1, 2021, Bongbong Company received a consollidated grant of P 12,000,000. three-fourths…

A: IAS 20 outlines  accounting and recognition of government grants. In case grant  is related  to…

Q: On January 1, 2021, Stanford Company purchased a mining site that will have to be restored to…

A: The answer is stated below:

Q: Blue Inc. acquired some manufacturing equipment in January 2018 for $400,000 and depreciated it…

A: Depreciation is the non-cash expense which is to be reported in the books of an entity in order to…

Q: Llungby AB spent 1,000,000 krone in 2020 on the development of a new product. The company determined…

A: Financial transactions are initially recorded in the form of a journal entry. The transactions are…

Q: ABC Company acquired a rice milling machine to be used by farmers for P 900,000 on January 1, 2020.…

A: Grants means the amount received without any sale of product or providing any services. When…

Q: Bright Co. received a government grant of 10,000,000 to install and run a windmill in an…

A: As per IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, the…

Q: On January 1, 2019, Munich Co. received a grant of P10,000,000 from the government of USA for the…

A: solution concept under the gross method the grant received is shown as the deferred income and the…

Q: orporation, a publicly accountable entity, purchased a metals processing plant on December 31, 2019…

A: Given: On December 31, 2019 at a cost of $8,000,000 cash. The useful life of the plant is 20 years…

Q: The NCR Company purchased a varnishing machine for P150,000 on January 1, 2017. The company…

A: The NCR Company purchased a varnishing machine for P150,000 on January 1, 2017. The company received…

Q: . Required: Calculate annual depreciation for the five-year life of the equipment according to…

A: Straight line depreciation is the standard method for recognizing the carrying amount of a fixed…

Q: The accounting policy is to depreciate the asset over 4 years on a straight line basis and to treat…

A: Grant received against the asset can be recognized as deferred income which will be recognized in…

Q: For each item, indicate if it is included in the capitalized cost of the machinery. What is the…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: re the lands affected by its mining activities. Management Expects restoration costs to be…

A: On 01.01.2020, 1. Machu Inc. acquired mining rights = P20000000 for 10 years. No cash payment made…

Q: he new machinery, on the other hand, is expected to have a residual worth of $5,000. On that date,…

A: As per rule, allowed to answer first question and post the remaining in the next submission.

Q: A Corporation began construction work in 2019 for a project with a contract price of P8,000,000. The…

A: >Contract accounting involves complex estimates and calculations.>This is because the contract…

Q: On January 1, 2021, Raquel Company purchased a machine for 3,000,000. The entity received a…

A: SOLUTION- JOURNAL ENTRY  IS A RECORD OF THE BUSINESS TRANSACTIONS IN THE ACCOUNTING BOOKS OF A…

Q: What amount should be reported as impairment loss on December 31, 2019? What is the carrying amount…

A: Given information is: On December 31, 2019, an entity has a machinery with the following cost and…

Q: On January 1, 2019, the Business Info Company had capitalized costs of P6,000,000 for a new computer…

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

Q: . During 2020, Peach Company purchased machine for P7,0000,000 and received a government grant of…

A: SOLUTION- Government Grant refers to transfer of resources from government departments to an entity…

Q: On January 1, 2020 Machu, Inc. acquired mining rights near Cordillera for P20,000,000 for 10 years,…

A: Solution Comprehensive income  includes net income and unrealised income , such as unrealised gain…

Q: Surgimed Ghana Ltd. received a government grant of GH¢300,000 for acquiring plant and machinery…

A:

Q: On January 1, 2021, Annibelle Company received a grant of P9,000,000 from the foreign government in…

A: Government grants are the amounts or assistance that is received by organisation from the…

Q: XYZ Company received a P2,800,000 govemment grant for a factory building it purchased in January…

A: Government Grant: Government grants are financial aid provided by the government in the form of…