Masa Khit Nha Company accounted for noncurrent assets using the revaluation model. On August 1, 2019, the entity classified a land as held  for sale. At that date, the carrying amount of the land was P7,500,000 and the balance in the revaluation surplus was P2,250,000. At  same date, the fair value of the land was estimated at P8,250,000 and the cost of disposal at P150,000. On December 31, 2019, the fair value less cost of disposal of the land did not change. The land was sold on February 1, 2020 for  P9,000,000. What is the adjusted carrying amount of the land on December 31, 2019?

Easter Company’s 12/31/2021 statement of financial position reports assets of $5,000,000 and liabilities of $2,000,000. All of Easter’s assets’ book values approximate their fair value, except for land, which has a fair value that is $300,000 greater than its book value. On 12/31/2021, Wendell Corporation paid $5,100,000 to acquire Easter.   Calculate the amount of goodwill Wendell should record as a result of this purchase.

At December 31, 2019, certain accounts included in the property, plant, and equipment section of Concord Corporation’s statement of financial position had the following balances: Land   $309,520 Buildings—Structure   882,660 Leasehold Improvements   704,970 Equipment   844,620 During 2020, the following transactions occurred: 1.   Land site No. 621 was acquired for $799,820 plus a fee of $6,880 to the real estate agent for finding the property. Costs of $33,270 were incurred to clear the land. In clearing the land, topsoil and gravel were recovered and sold for $10,720. 2.   Land site No. 622, which had a building on it, was acquired for $559,550. The closing statement indicated that the land’s assessed tax value was $308,860 and the building’s value was $101,820. Shortly after acquisition, the building was demolished at a cost of $27,990. A new building was constructed for $339,860 plus the following costs: Excavation fees   $37,550 Architectural design fees…

Assume that ABC, Inc, acquires a competitor's assets on June 10, 2020. The purchase price was $150,000. Of that amount, $125,000 is allocated to tangible assets and $25,000 is allocated to goodwill (a §197 intangible asset). What is ABC, Inc. amortization deduction for 2020?   (Round final answer to the nearest whole number.)     a)  $25,000.   b)  $1,667.   c)  $972.   d)  $833.   e)  None of the above.