10. Mighty & Able Company and its subsidiaries own the following properties that are accounted for accordance with international accounting standards: A vacant building owned by the parent and to be leased out under an operating lease Equipment leased out by the parent to an unrelated party under an'operating lease 5,400,00 1,800,00 Land held by the parent for undetermined use 12,600,00 Land held for future factory site Property held by subsidiary, a real estate firm, in ordinary course of business Property held for use in production Property under construction for use as investment property Property awaiting disposal Property being constructed or developed on behalf of third parties 2,700,00 3,600,00 7,200,000 9,000,000 4,860,000 13,190,000
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- Jessica Company and its subsidiaries provided the following properties owned by the group: Land held for undetermined future use 1,000,000 Vacant building to be leased out under an operating lease Property held for use in production Property held by a subsidiary, a real estate firm, in the ordinary course of business Building owned by a subsidiary and for which the subsidiary provides security and maintenance services to the lessees 2,000,000 4,000,000 3,000,000 2,500,000 Land leased to a subsidiary under an operating lease Equipment leased to an unrelated party under an operating lease Building under construction for use as investment property In the consolidated statement of financial position of the parent and its subsidiaries, what total amount should be reported as investment property? 1,500,000 500,000 3,500,000 A. 6,000,000 B. 5,500,000 C. 8,000,000 D. 9,000,000PUMASA AKO Company and its subsidiaries own the following properties that are accounted for in accordance with international accounting standards: 6,000,000 2,500,000 Land held by the parent for undetermined use A vacant building owned by the parent and to be leased out under an operating lease Property held by a subsidiary, a real estate firm, in the ordinary course of business Property held by the parent for use in production Building owned by a subsidiary and for which the subsidiary provides security and maintenance services to the lessees Land leased by the parent to a subsidiary under an operating lease Property under construction for use as investment property Land held for future factory site Machinery leased out by the parent to an unrelated party under an operating lease 2,000,000 4,000,000 2,000,000 2,500,000 4,000,000 3.500,000 1,000,000 How much is the total investment property that should be reported in the consolidated statement of financial position of PUMASA AKO…Beched Company and its subsidiaries provided the following properties owned by the group: Land held by Beched for undetermined future use Vacant building, owned by Beched to be leased out under an 1,000,000 operating lease Property held by Beched for use in production Property held by a subsidiary of Beched, a real estate firm, in the ordinary course of its business 2,000,000 4,000,000 3,000,000 Building owned by subsidiary of Beched and for which the subsidiary Provides security and maintenance services to the lessees Land leased by Beched to a subsidiary under an operating lease Equipment leased by Beched to unrelated party under an operating lease 2,500,000 1,500,000 500,000 Building under construction by Beched for use as investment property 3,500,000 In the consolidated statement of financial position of Beched Company and its subsidiaries, what total amount should be shown as investment property?
- PUMASA AKO Company and its subsidies own the following properties that are accounted for in accordane with international accounting standards: >Land held by the parent for undetermined use= P6,000,000 >A vacant building owned by the parent and to leased out under an operationg lease= P2,500,000 >Property held by a subsidiary, a real estate firm, in ordinary course of business= P2,000,000 >Property held by the parent for use in production= P4,000,000 >Building owned by a subsidiary and for which the subsidiary provides security and maintenance services to the lessees= P2,000,000 >Land leased by the parent to a subsidiary under an operating lease= P2,500,000 >Property under construction for use as investment property=P 4,000,000 >Land held for future factory site= P3,500,000 >Machinery leased out by the parent to an unrelated party under an operating lease= P1,000,000 How much is the total investment property that should be repoted in the consolidated statement…Problem 22-1 (IFRS) Classic Company and its subsidiaries own the following properties that are accounted for in accordance with international accounting standards: Land held by the parent for undetermined use 5,000,000 A vacant building owned by the parent and to be leased out under an operating lease Property held by a subsidiary, a real estate firm, in the ordinary course of business Property held by the parent for use in production Building owned by a subsidiary and for which the subsidiary provides security and maintenance services to the lessees Land leased by the parent to a subsidiary under an operating lease 2,500,000 Property under construction for use as investment property Land held for future factory site Machinery leased out by the parent to an unrelated party under an operating lease 1,000,000 Required: 1. Compute the total investment property that should be reported in the consolidated statement of financial position of Classic Company and its subsidiaries. 2. Indicate…Wingtip, a building company, owns a property which is currently occupied by its subsidiary. How should this property be accounted for in the CONSOLIDATED financial statements? Select one: a. As Investment Property under IAS 40 - Investment Property b. As Inventory under IAS 2 -Inventories c. As a lease under IFRS 16 Leases d. As Property under IAS 16, Property, Plant and Equipment An investment property under IAS 40 can be held for which of the following purposes? Select one: a. For use in the supply of services b. For use as retail premises c. For capital appreciation d. For use as an office If the fair value of an investment property cannot be reliably measured, how should it be recognised? Select one: a. At an estimated amount under IAS 40 b. At value in use c. At cost less depreciation under IAS 16 d. At estimated replacement cost Which of the following could require a property to be accounted for under IAS 40 Investment Property? Select one: a. The commencement of…
- Tajam Bhd has a subsidiary meeting the criteria of MFRS 5 to be classified as held for sale. This subsidiary has a disposal group held for sale with the following details: RM Goodwill Property, plant and equipment Intangible assets Investment property Carrying amount of the disposal group 40,800 112,000 64,000 33.960 250,760 The following information are relevant to the disposal group: The investment property is measured by using the fair value model, and its fair value is RM30,000 at the date of the disposal group being reclassified as held for sale under MFRS 5. Other assets have already been re-measured in accordance with the applicable accounting standards before the reclassification as held for sale. The fair value less costs to sell of the disposal group is RM200,000. Required: Evaluate the financial implication of the reclassification of the disposal group as held for sale.11. The following information pertains to Nonagon Company's biological assets at December 31, 2021: Price of assets in an active market , P 5,000,000 Estimated broker's and dealer's commissions, P 50,000 Transport and other costs expected to be incurred to bring the assets to the market, P 40,000 Selling price in a binding sale agreement, P 5,100,000 At what amount should the biological assets be presented on the statement of financial position?6. Tulip Company purchased the net assets of another entity for P2,000,000. On the sate of the transaction, the acquire had P800,000 of liabilities The assets of the acquiree at fair value were $1,900,000 for current assets and P1,600,000 for noncurrent assets. What is the amount of gain on bargain purchase? a. P 700,000 b. P-700,000 c. P 800,000 d. P-800,000
- What is the loss on realization resulting to a capital deficiency to a personnally solvent partnerassume that NCA was sold at 1,700,000Which one of the following would be recognised as an investment property under IAS 40 in the consolidated financial statements of ABC ltd? A A property intended for sale in the ordinary course of business B A property being constructed for a customer C A property held by BC ltd under a finance lease and leased out under an operating lease D A property owned by BC ltd and leased out to a subsidiaryAn entity acquires a subsidiary exclusively with a view to selling it. The subsidiary meets the criteria to be classified as held for sale. At the balance sheet date, the subsidiary has not yet been sold, and six months have passed since its acquisition. how will the subsidiary be valued in the balance sheet at the date of the first financial statements after acquisition? a. fair value b. lower of its cost and fair value less cost to sell