Q6. Land was acquired for $200 000 on 1 July 2017. On 30 June 2018 it has a fair value of $150 000. On 30 June 2020, due to increased population, the land is considered to have a fair value of $270 000. Write the journal entries needed.

Q5.

11:39 Module1_PPE and .. Problem 28-13 (AICPA Adapted) In 2019, Lepanto Mining Company purchased property with natural resources for P28,000,000. The property had a residual value of P5,000,000. However, the entity is required to restore the property to the original condition at a discounted amount of P2,000,000. In 2019, the entity spent P1,000,000 in development cost . and constructed a building on the property costing P3,000,000. The entity does not anticipate that the building will have utility after the natural resources are removed. In 2020, an amount of P1,000,000 was spent for additional development on the mine. The tonnage mined and estimated remaining tons are: Tons extracted Tons remaining 2019 2020 3,000,000 3,500,000 10,000,000 7,000,000 2,500,000 2021 1. What amount should be recognized as depletion for 2020? a. 6,900,000 b. 9,600,000 c. 8,100,000 d. 8,400,000 2. What amount should be recognized as depletion for 2021? a. 10,150,000 b. 11,025,000 c. 15,750,000 d. 9,450,000

What is the journal entry Declan's Designs recorded to recognize 2022 deprecation expense?   Question 5 options:   Dr. Accumulated Depreciation $3,000     Cr. Depreciation Expense $3,000   Dr. Depreciation Expense $2,000     Cr. Accumulated Depreciation $2,000   Dr. Depreciation Expense $3,000     Cr. Accumulated Depreciation $3,000   Dr. Depreciation Expense $1,000     Cr. Accumulated Depreciation $1,000

Question 1 For a multifamily acquisition, the seller credit for property tax is $54,356.20. The property tax bill for 2023 is $124,000. What date is the closing set for in 2023? O 6/8/2023 O 6/7/2023 O 6/10/2023 O 6/9/2023 O6/11/2023

Talparo Company purchased land in 2015 for $300,000. The land’s fair value at the end of 2015 is $320,000; atthe end of 2016, $280,000; and at the end of 2017, $305,000. Assume that Talparo chooses to use revaluationaccounting to account for its land.Required:Prepare the journal entries to record the land using revaluation accounting from 2015 until 2017.

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1. Pharoah purchased a patent from Vania Co. for $2,700,000 on January 1, 2018. The patent is being amortized over its remaining legal life of 10 years, expiring on January 1, 2028. During 2020, Pharoah determined that the economic benefits of the patent would not last longer than 7 years from the date of acquisition. What amount should be reported in the balance sheet for the patent, net of accumulated amortization, at December 31, 2020? The amount to be reported 2$ 2. Pharoah bought a franchise from Alexander Co. on January 1, 2019, for $979,000. The carrying amount of the franchise on Alexander's books on January 1, 2019, was $635,000. The franchise agreement had an estimated useful life of 20 years. Because Pharoah must enter a competitive bidding at the end of 2028, it is unlikely that the franchise will be retained beyond 2028. What amount should be amortized for the year ended December 31, 2020? The amount to be amortized 3. On January 1, 2020, Pharoah incurred organization…

Need help with #2.

(a) On January 1, 2025, Skysong Inc. purchased land that had an assessed value of $376,000 at the time of purchase. A $585,000, zero- interest-bearing note due January 1, 2028, was given in exchange. There was no established exchange price for the land, nor a ready fair value for the note. The interest rate charged on a note of this type is 12%. Determine at what amount the land should be recorded at January 1, 2025, and the interest expense to be reported in 2025 related to this transaction. (Round intermediate calculation to 5 decimal places, e.g. 0.23451 and final answers to O decimal places, e.g. 38,548.) Land to be recorded at January 1, 2025 Interest expense to be reported $ $ (b) On January 1, 2025, Concord Furniture borrowed $3,600,000 (face value) from Sinise Co., a major customer, through a zero- interest-bearing note due in 4 years. Because the note was zero-interest-bearing, Concord Furniture agreed to sell furniture to this customer at lower than market price. A 10% rate…