16. The total dollar amount ofassets to be classified as current assets is a. $110.000 b. $375.000 s. $560.000 d. $810.000 17. The total dollar amount ofassets to be classified as property, plant, and equipment is a. $400.000 b. $450.000 c. $500.000 d. $635.000 18. The total dollar amount ofassets to be classified as non-curent assets is a. $375.000 b. $450.000 s. $725.000 d. $140.000
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- What amount should be recorded as initial measurement of the right of use asset? **see attached pica. 5,600,000b. 4,088,000c. 3,912,000d. 3,288,00015. Intangible assets are initially recorded ata. expected future value.b. fair value.c. cost.d. present valueThe amount to be included as intangible assets is *A. 345,000B. 490,000C. 410,000D. 350,000
- Q12 Which of the following is correct about the initial measurement of intangible asset? Select one: a. The physical or tangible assets that were used as part of the development of the intangible asset should also be included in the cost. b. Research expenditure should also be included in the cost of the intangible asset if it was developed internally. c. An intangible asset should be recorded at cost which is the sum of expenditure incurred until the date that the asset first met the recognition criteria of an intangible asset. d. When an intangible asset is acquired in exchange of another asset, it should be recorded at its fair value at the date of acquisition.On January 1, 2021, Wee Company acquired property consisting of ten identical freehold detached houses each Problem 22-9 (IFRS) with separate legal title including the land on which it is built for P200,000,000, 20% of which is attributable to the land. The units have a useful life of 50 years. The following costs are also incurred on such date: Nonrefundable transfer taxes not included in the purchase price 20,000,000 Legal cost directly attributable to the acquisition 1,000,000 Reimbursement to the previous owner for prepaying nonrefundable property taxes for the six-month period ending June 30, 2021 100,000 Advertising campaign 500,000 Opening function to celebrate new rental business 200,000 On June 30, 2021, the entity paid local property taxes of P200,000 for the year ending June 30, 2022. Throughout 2021, the entity incurred repairs and maintenance of P120,000. The entity used one of the ten units to accommodate the administration and maintenance staff. The other nine units are…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.
- Consider the following information relating to five different items of plant and equipment at the reporting date. Fair value Costs of disposal 2$ Carrying amount Value in use Asset A 100 000 50 000 105 000 3000 110000 45 000 85 000 48 000 82 000 B 1000 80 000 2000 200 000 120 000 190 000 120 000 5000 220000 115000 E 3000 Required a. Calculate the recoverable amount for each of the five items of plant and equipment. b. Assuming plant and equipment is carried under the cost model, determine the amount of any impairment adjustment necessary. C. Assuming plant and equipment is carried under the revaluation model, determine the amount of any revaluation adjustment necessary.Which statement is INCORRECT about subsequent measurement of intangible assets? Q7 Select one: a. When using the cost model an entity should estimate the estimated useful life as well as the estimated residual value if the asset is determined to have an indefinite useful life b. When using the cost model an entity should estimate the estimated useful life as well as the estimated residual value if the asset is determined to have a definite useful life. c. The same model chosen by an entity should be used for all intangible assets in the same class. d. Intangible assets may be measured using either the cost model or the revalued cost model.5. According to PAS 38 Intangible Assets, if an entity cannot identify in which phase a cost is incurred, the cost a. is allocated to research and development phases. b. is expensed as a regular expense. C. is capitalized and amortized over the shorter of the intangible asset's useful life and legal life. d. is regarded as incurred in research phase. 6. Which of the following costs is a research and development (R&D) cost? a. Costs incurred during commercial production D. Costs of advertising a product undergoing its final stage of development - Costs of training employees who will be using a newly developed computer system Costs of producing a prototype model for a new invention
- Indicate in the blank spaces below, the appropriate group heading for financial reporting purposes. Use the following code to identify your answer: PPE Property, Plant, and Equipment NR Natural Resources I Intangible Assets O Other N/A Not on the balance sheet Goodwill7.Timberlands Land improvements8.Franchises Development costs for a patented product 9.Licences Accumulated depreciation—buildings10.Equipment Trademarks11.Depreciation expense Research costs12.LandWhich of the following statements about intangible assets are correct? 1 If certain criteria are met, research expenditure must be recognised as an intangible asset. 2 The notes to the financial statements should disclose the gross carrying amount and the accumulated amortisation at the beginning and the end of the period for each class of intangible asset. 3 Intangible assets must be amortised over their useful life. A 2 and 3 only B 1 and 3 only C 1 and 2 only D All three statements are correct.q26 Which of the following methods of fixed assets valuation provides more relevant information to users of the financial statements? Select one: a. Carrying value less accumulated depreciation and impairment losses b. Revaluation Method c. Book value less accumulated depreciation d. Historical Cost Method