DEF Company owns land and building being used for its operations and administrative functions. The land and building are carried in its books using the cost model and have the following data at January 1,2023. Land: Cost - P10,000,000 Fair value - 14,000,000 Building: Cost -P20,000,000 Accumulated depreciation -13,500,000 Fair value - 9,000,000 On this date, the company vacated the old building and occupied a newly constructed one located in the commercial area of the Central Business District. The old building is then reclassified as investment property using the fair value model. The company uses the fair value model in all of its other investment property. What is the amount of fair value gain reported in profit/loss resulting from the reclassification from owner occupied to investments property due to change in use of the property?

Prepare partial balance sheet

1) Determine the amount of R&D Expense to be reported FYE 12/31/23.

Hh5. Account

On 30 June 2021, Wheel Ltd opted to adopt the revaluation model to measure land. According to AASB116, applying the revaluation model, which of the following figures must be used to measure land on 30 June 2021: Financial Value At date: Amount Concept 30 June 2018 $500,000 Initial cost when purchased Selling price for land 30 June 2021 $950,000 30 June 2021 $900,000 Cost to purchase an identical block of land $800,000 Present Value of estimated cash inflows from using land 30 June 2021 Select one: a. $950,000 O b. $900,000 O c. $500,000 O d. $800,000

The property, plant, and equipment section of the Jasper Company's December 31, 2023, balance sheet contained the following: Property, plant, and equipment: Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Total property, plant, and equipment Machine 101 102 103 Cost $ 48,400 79,000 20,000 Date Acquired 1/1/2021 6/30/2022 9/1/2023 $ 780,000 (150,000) 147,400 Residual Value $ 6,000 7,000 2,000 ? The land and building were purchased at the beginning of 2019. Straight-line depreciation is used and a residual value of $30,000 for the building is anticipated. The equipment is comprised of the following three machines: $ 110,000 Life (in Years) 8 9 8 630,000 ? ? The straight-line method is used to determine depreciation on the equipment. On March 31, 2024, Machine 102 was sold for $54,000. Early in 2024, the useful life of machine 101 was revised to five years in total, and the residual value was revised to zero. Required: 1. Calculate the accumulated…

How much is the correct total amortization expense for 2020?

Present the assets in the statement of financial position on December 31, 2020.

On 30 June 2022, the statement of financial position of Brimbank City Council showed the following non-current assets.             Buildings (at cost)                                  $ 225 000             Accumulated Depreciation                         (45 000)         180 000             Commercial Land (at cost)                                             1 920 000                                                At 30 June 2022 Brimbank City Council decides to adopt the revaluation model for both these assets. On this date commercial land has a fair value of $1 800 000 and building has a fair value of $150 000 and useful re-estimated to 15 years. On 30 June 2023 Brimbank City Council reviews the value of its assets. The fair value of commercial land is reassessed as $1860 000. Building has no change in value on that date. Prepare the journal entries required to revalue the assets for the year ended 30 June 2023.

PEARS Company owned three investment properties. Details of the properties are as follows: (See photo) Each property had an estimated useful life of 50 years. The accounting policy is to use the fair value model for investment properties. What is the gain or loss to be recognized for the year ended December 31, 2020?