You are required to write up the following accounts to 30" June, 2021: i. Plant and machinery and Motor vehicles. ii. Provision for depreciation of plant and machinery and motor vehicles iii. Disposal of plant and machinery and motor vehicles.
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- In the light of MFRS138 Intangible Asset, briefly explain how each of the above transaction should be accounted for in the financial statements of PJM Bhd for the year ended 31 December 2017. Discuss the recognition criteria for intangible assets contained in MFRS138. (a) (b)The T-accounts for Equipment and the related Accumulated Depreciation-Equipment for Bridgeport Company at the end of 2022 are shown here. Equipment Beg. bal. Acquisitions 39,300 92,400 77,700 Disposals 24,600 End. bal. Accumulated Depreciation-Equipment Disposals 5,600 Beg. bal. Depr. exp. End. bal. 42,800 11,100 48,300 In addition, Bridgeport's income statement reported a loss on the disposal of plant assets of $3,900. What amount was reported on the statement of cash flows as "cash flow from sale of equipment"? (Show amount that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) Cash flow from sale of equipment $Topic: Non-Current Assets Held for Sale and Discontinued Operations 11. Which of the following shall be recognized by the entity in its 20x4 financial statements? a. Property, plant and equipment for P400,000 b. Property, plant and equipment for P1,000,000 c. Noncurrent asset held for sale for P950,000 d. Noncurrent asset held for sale for P1,000,000 18. Requirement: Provide the journal entry on December 31, 20x4.
- Accounting Answer asap Group Ccc-Three Ltd has identified its non-current assets consist of three classes: goodwill, land and plant. Details of items included in each class appear below. Goodwill Total goodwill is $580,000 and no impairments have previously been recorded. $300,000 of this total relates to the purchase of Company F on 1 February 2020. The estimated fair value of this goodwill at 30 June 2021 is $350,000. The remaining $280,000 of the total goodwill relates to the purchase of Company G on 1 January 2021. The estimated recoverable amount of this goodwill at 30 June 2021 is $250,000. Land The land was acquired on 1 June 2016 for $2,100,000. The estimated market value of the land at 30 June 2021 is $2,600,000. However, if the land was sold, disposal costs of $90,000 would be incurred. Plant The plant was originally acquired for $270,000 on 1 September 2017. When purchased, the plant was considered to have a nil residual value and a 10-year useful life for both accounting…Stag, a public limited company, is preparing its financial statements for the year ending 31 December 2021. The exhibits contain information relevant to the question Exhibit 1– Accounting for Impairment Stag plc, which has a 31 December year end, acquired an item of property, plant, and equipment (PPE) on 1 January 2019 for £50,000 for which it applies the revaluation model. The asset is depreciated on a straight-line basis over its useful economic life of ten years (the assumed residual value is nil). On 1 January 2020, it was established that the gross replacement cost of the asset (i.e. the gross revalued amount of the asset before any depreciation is deducted) was £60,000. On 31 December 2021, there are indications that the asset is impaired, an impairment test is carried out, and the recoverable amount at that date is estimated as £30,000. question: Using Exhibit 1, explain the impact of the transactions on the financial statements 2020 and 2021. (Hint: you can show the double…On January 1, 2021, Peaceful Company reported the following account balances relating to property, plant and equipment: Land, P 4,000,000; Building, P 30,000,000, with Accumulated Depreciation of P 7,500,000. Assets have been carried at cost since acquisition. All assets were acquired on January 1, 2021. The straight-line method is used. On January 1, 2021, the entity decided to revalue the property, plant and equipment. On such date, competent appraisers submitted the following (at replacement cost): Land, P10,000,000; Building, P 50,000,000. What is the revaluation surplus on January 1, 2021? P 15,000,000P 6,000,000P 30,000,000P 21,000,000
- The T-accounts for Equipment and the related Accumulated Depreciation—Equipment for Skysong, Inc. at the end of 2022 are shown here. Equipment Beg. bal. 60,000 Disposals 16,500 Acquisitions 31,200 End. bal. 74,700 Accum. Depr.—Equipment Disposals 3,825 Beg. bal. 33,375 Depr. exp. 9,000 End. bal. 38,550 In addition, Skysong, Inc.’s income statement reported a loss on the disposal of plant assets of $2,625. What amount was reported on the statement of cash flows as “cash flow from sale of equipment”? (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)n The T-accounts for Equipment and the related Accumulated Depreciation-Equipment for Oriole Company at the end of 2022 are shown here. Equipment Beg. bal. 75,600 Disposals 21,800 Acquisitions 45,500 End. bal. 99,300 Accumulated Depreciation-Equipment Disposals 5,000 Beg. bal. 44,700 Depr. exp. 11,500 End. bal. 51,200 In addition, Oriole Company's income statement reported a loss on the disposal of plant assets of $4,000. What amount was reported on the statement of cash flows as "cash flow from sale of equipment"? (Show an amount that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cash flow from sale of equipment eTextbook and Media $The T-accounts for Equipment and the related Accumulated Depreciation-Equipment for Sheffield Company at the end of 2022 are shown here. Equipment Beg. bal. 79,800 Disposals 23,700 Acquisitions 37,400 End. bal. 93,500 Accumulated Depreciation-Equipment Disposals 5,200 Beg, bal 44,500 Depr. exp. 12.200 End, bal 51.500 In addition, Sheffield's income statement reported a loss on the disposal of plant assets of $4,000. What amount was reported on the statement of cash flows as "cash flow from sale of equipment"? (Show amount that decrease cash flow with either a-sign eg-15,000 or in parenthesis eg. (15,000)) Cash flow from sale of equipment S
- Required: Indicate the differences in accounting treatment under IFRS and under US GAAP for the following situations as of December 31, 2022: 2. Property, plant, and equipment The company acquired a building at the beginning of 2021 with the following information: -Cost of $2,750,000 -Estimated useful life of 25 years -The estimated residual value of $250,000 -It is depreciated using the straight-line method. At the beginning of 2022, the market value of the building was $3,250,000. There is no change in residual value or estimated useful life. Please dont provide answer in an image format thank youStag, a public limited company, is preparing its financial statements for the year ending 31 December 2021. The exhibits contain information relevant to the question. Exhibit 1– Accounting for ImpairmentStag plc, which has a 31 December year end, acquired an item of property, plant, and equipment (PPE) on 1 January 2019 for £50,000 for which it applies the revaluation model. The asset is depreciated on a straight-line basis over its useful economic life of ten years (the assumed residual value is nil). On 1 January 2020, it was established that the gross replacement cost of the asset (i.e. the gross revalued amount of the asset before any depreciation is deducted) was £60,000. On 31 December 2021, there are indications that the asset is impaired, an impairment test is carried out, and the recoverable amount at that date is estimated as £30,000. Requirement:Using Exhibit 1, explain the impact of the transactions on the financial statements 2020 and 2021. (Hint: you can show the double…Stag, a public limited company, is preparing its financial statements for the year ending 31 December 2021. The exhibits contain information relevant to the question. Exhibit 1– Accounting for ImpairmentStag plc, which has a 31 December year end, acquired an item of property, plant, and equipment (PPE) on 1 January 2019 for £50,000 for which it applies the revaluation model. The asset is depreciated on a straight-line basis over its useful economic life of ten years (the assumed residual value is nil). On 1 January 2020, it was established that the gross replacement cost of the asset (i.e. the gross revalued amount of the asset before any depreciation is deducted) was £60,000. On 31 December 2021, there are indications that the asset is impaired, an impairment test is carried out, and the recoverable amount at that date is estimated as £30,000. Requirement:Using Exhibit 1, explain the impact of the transactions on the financial statements 2020 and 2021. (Hint: you can show the double…