On January 1, 2021, Globe Company sold a piece of machinery to Troll Company for P1,900,000. Because of the entity’s commitments to its customers to provide their needs for the next three years, Globe Company simultaneously leased back the machinery. The transfer of the asset to the buyer qualifies to be accounted for as a sale under IFRS 15. Information relating to this transaction follows: • Fair value of machinery- P2,200,000 • Carrying amount of machinery- P1,700,000 • Remaining useful life of the machinery- 8 years • Lease term- 3 years • Annual rent payable at the end of each year beginning, December 31, 2021- P500,000 • Market rate of interest - 10% • PV of an ordinary annuity of 1 at 10% for 3 periods is 2.4869 • PV of an annuity

Answer the questions ASAP.

PT Adista owns land that was purchased in cash on January 2, 2018 at a cost of IDR 1,000,000,000. Requested: a. PT Adista decided to use the revaluation model for the land (which is a fixed asset). On December 31, 2018, the company recognized a revaluation surplus of the land amounting to Rp 100,000,000. If on December 31, 2019 it is known that the fair value of the land is IDR 1,060,000,000, make a journal entry that is recorded by PT Astina regarding the land in 2019. b. Describe how the accounting treatment differs between the fixed asset revaluation model and the fair value model of investment property.

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.

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.

During the current year, Marshall Construction trades an old crane that has an original cost $140,000 and accumulated depreciation $50,000) for a new crane from Brigham Manufacturing. Fair value of new crane is $200,000. Instructions (a) Prepare the journal entries of the exchange for Marshall Construction assuming: i. Fair value of the old crane is $100,000 and Marshall paid $100,000 to Brigham (Exchange has commercial substance); Fair value of the old crane is $100,000 and Marshall paid $100,000 to Brigham (Exchange lacks commercial substance). (b) Prepare the journal entries of the exchange for Brigham Manufacturing in (i) to (ii) above assuming the new crane cost Brigham €160,000 to manufacture and is classified as inventory. ii.

Information concerning Blue Corporation's intangible assets is as follows. On January 1, 2025, Blue signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial franchise fee of $100,000. Of this amount, $20,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of $20,000 each, beginning January 1, 2026. The agreement provides that the down payment is not refundable and no future services are required f the franchisor. The present value at January 1, 2025, of the 4 annual payments discounted at 15% (the implicit rate for a loan of this type) is $57,100. The agreement also provides that 5% of the revenue from the franchise must be paid to the franchisor annually. Blue's revenue from the franchise for 2025 was $870,000. Blue estimates the useful life of the franchise to be 10 years. (Hint: You may want to refer to Chapter 18 to determine the proper accounting treatment for the franchise fee and payments.) Blue incurred…

Alpesh

Aqua Corporation purchases nonresidential real property on May 8, 2019, for $1,650,000. Straight-line cost recovery is taken in the amount of $165,000 before the property is sold on November 27, 2022, for $2,475,000. Question Content Area a. Compute the amount of Aqua's recognized gain on the sale of the realty $_______________ Determine the amount of the recognized gain that is treated as § 1231 gain and the amount that is treated as § 1250 recapture (ordinary income due to § 291). b. § 1231 gain: $_____________ § 1250 recapture (ordinary income due to § 291): $_______________________

Prepare a schedule showing the intangible assets section of Cheyenne's balance sheet at December 31, 2020. CHEYENNE CORPORATION Intangible Assets Prepare a schedule showing all expenses resulting from the transactions that would appear on Cheyenne's income statement for the year ended December 31, 2020. CHEYENNE CORPORATION Expenses Resulting from Selected Intangible Assets Transactions < <