On January 1, 2015, Micah Joy Mining Corp. acquired property containing mineral resources for P150,000,000. Total cost of exploration and intangible development cost was P8,000,000. Micah Joy is mandated by the Mining Act to restore the site after 4 years. Based on most reliable measurements, the amount of restoration cost is P12,000,000 and current market-based discount rate is 10%. On the same date, Micah Joy acquired movable tangible equipment amounted P6,000,000 while the immovable tangible equipment amounted to P9,000,000. Geologist estimate that the total units estimated to be extracted each year during the useful life of the wasting assets. The movable equipment has a useful life of 20 years while the immovable equipment has an estimated useful life of 10 years. Actual units extracted in 2015 and 2016 were 1,600,000 and 1,700,000 respectively. Question: (Please carry over all decimal places in the computation) Based on the above data, answer the following: 2. How much is the depletion in 2015?

On 1 July 2016 Liala Ltd sold an item of plant to Jordan Ltd for $450000 when its’ carrying value in Liala Ltd book was $600000 (costs $900000, accumulated depreciation $300000). This plant has a remaining useful life of five (5) years from the date of sale. The group measures its property plants and equipment using a cost model. Tax rate is 30 percent. Required:Pass the necessary entries on 30 June 2017 and 30 June 2018 to eliminate the intra-group transfer of equipment.

On December 1, 20120, Boyd Co. purchased a 400,000 tract of land for a factory site. Boyd razed an old building on the property and sold the materials it salvaged from the demolition. Boyd incurred additional costs and realized salvage proceeds during December 2010 as follows: Demolition of old building 50,000.00 Legal fees for purchase contract and recording ownership 10,000.00 Title guarantee insurance 12,000.00 12,000.00 Proceeds from sale of salvaged materials In its December 31, 2010 balance sheet, Boyd should report a balance in the land account of 442,000 460,000 422,000 464,000

Barb Company has provided information on intangible assets as follows: A patent was purchased from Lou Company for $1,500,000 on January 1, 2018. Barb estimated the remaining useful life of the patent to be 10 years. The patent was carried in Lou's accounting records at a net book value of $1,250,000 when Lou sold it to Barb. During 2019, a franchise was purchased from Rink Company for $500,000. In addition, 5% of revenue from the franchise must be paid to Rink. Revenue from the franchise for 2019 was $2,000,000. Barb estimates the useful life of the franchise to be 10 years and takes a full year's amortization in the year of purchase. Barb incurred R&D costs in 2019 as follows: Materials and equipment $120,000 Personnel 140,000 Indirect costs 60,000   $320,000 Barb estimates that these costs will be recouped by December 31, 2020. On January 1, 2019, Barb estimates, based on new events, that the remaining life of the patent purchased on January 1, 2018, is only 5 years…