On January 1, 2021, ABC Co. acquired 80% interest in XYZ, Inc. by 292,000 issuing 5,000 shares with fair value of P60 per share and par value of P40 per share. XYZ's shareholders' equity as of January 1, 2021 comprises the following: Total liabilities 120,000 680,000 Share capital Share premium 200,000 (at carrying amounts) 260,000 Share capital Retained earnings Total equity 200,000 Retained 440,000 96,000 earnings 176,000 296,000 1,380,000 Total equity 376,000 On January 1, 2021, the fair values of the assets and liabilities of XYZ, Inc. were determined by appraisal, as follows: TOTAL LIABILITIES 1,672,000 496,000 AND EQUITY Carrying amounts Fair value XYZ, Inc. Fair values increment Cash 20,000 20,000 Statements of profit or loss Accounts receivable 48,000 48,000 For the year ended December 31, 2021 АВС Со. Inventory 92,000 124,000 32,000 XYZ, Inc. Equipment 200,000 240,000 40,000 Sales 1,200,000 480,000 Cost of goods sold Accumulated (660,000) (288,000) (40,000) (48,000) (8,000) depreciation Gross profit 540,000 192,000 Accounts payable Net assets (24,000) (24,000) Depreciation expense (160,000) (40,000) 296,000 360,000 64,000 Distribution costs (128,000) (72,000) Interest expense Profit for the year (12,000) The remaining useful life of the equipment is 4 years. During 2021, no dividends were declared by either ABC or XYZ. There were also 240,000 80,000 On acquisition date, ABC Co. elected to measure non-controlling interest as its proportionate share in XYZ, Inc.'s net identifiable no inter-company transactions. The group determined that goodwill is impaired by P4,000. ABC's and XYZ's individual financial statements at year-end are shown below: Statements of financial position As at December 31, 2021 assets. ABC Co. XYZ, Inc. ASSETS Cash 92,000 228,000 Accounts 300,000 88,000 receivable Inventory 420,000 60,000 Investment in 300,000 subsidiary 800,000 Equipment Accumulated 200,000 (240,000) (80,000) depreciation TOTAL ASSETS 1,672,000 496,000

At December 31, 2019, certain accounts included in the property, plant, and equipment section of Blue Spruce Corporation’s statement of financial position had the following balances: Land   $309,730 Buildings—Structure   882,700 Leasehold Improvements   704,930 Equipment   844,920 During 2020, the following transactions occurred: 1.   Land site No. 621 was acquired for $799,790 plus a fee of $6,780 to the real estate agent for finding the property. Costs of $33,140 were incurred to clear the land. In clearing the land, topsoil and gravel were recovered and sold for $10,950. 2.   Land site No. 622, which had a building on it, was acquired for $559,950. The closing statement indicated that the land’s assessed tax value was $308,680 and the building’s value was $101,830. Shortly after acquisition, the building was demolished at a cost of $27,640. A new building was constructed for $339,530 plus the following costs: Excavation fees   $37,960 Architectural design…

Examine the excerpt of a footnote from Red Sand Corporation's September 30, 2021, annual report to follow. (Click the icon to view the excerpt.) Read the requirements. 1. What are Red Sand's largest two categories of property and equipment as of September 30, 2021? Describe in general terms the types of expenditures included in these categories. Red Sand's largest category of assets is Its second largest category of assets is

What categories of property, plant, equipment, and intangible assets does Targetreport in its January 30, 2016, balance sheet?