Beatrice Co. made the following purchases for the year: - Purchased for Php5,400,000, including appraiser fee of Php50,000, a warehouse building and a land on which it is located The land had an appraised value of Php2,000,000 and original cost of Php1,400,000. The building had an appraised value of Php3,000,000 and original cost of Php2,800,000 - Purchased an office building and the land on which it is located for Php7,500,000 cash and assumed an existing Php2,500,000 mortgage For real tax purposes, the property is assessed at Php9,600,000, 60% of which is allocated to the building - Acquired a track of land in exchange for 25,000 shares of the company with Php100 par value and a market price of Php120 per share on the date of acquisition. The last property tax bill indicated assessed value of Php2,400,000 for the land

Beatrice Co. made the following purchases for the year: - Purchased for Php5,400,000, including appraiser fee of Php50,000, a warehouse building and a land on which it is located The land had an appraised value of Php2,000,000 and original cost of Php1,400,000. The building had an appraised value of Php3,000,000 and original cost of Php2,800,000 - Purchased an office building and the land on which it is located for Php7,500,000 cash and assumed an existing Php2,500,000 mortgage For real tax purposes, the property is assessed at Php9,600,000, 60% of which is allocated to the building - Acquired a track of land in exchange for 25,000 shares of the company with Php100 par value and a market price of Php120 per share on the date of acquisition. The last property tax bill indicated assessed value of Php2,400,000 for the land

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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