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- A. ACQUISITION COSTS Mr. Ardi acquired land at a cost of Rp4.200.000.000 on April 1, 2019. In addition to this cost, he had to pay the following expenses: a. Commission fee, 2% from the land price, Rp84,000,000 b. Land acquisition tax Rp12,000,000 c. Removal cost of old (unused) building Rp20.500.000. Mr. Ardi received Rp17.000.000 from the sales of salvage materials. d. Rpl10.000.000 to build a fence e. Rp215.000.000 to build a parking lot Instructions: Prepare the journal entries for the above transaction! (4%)grant is a zero-interest loan for 5 years evidenced by a balan government Ja lance P200,000 go The machie is to be deprecia It Required: i the asset. Problem 24-6 (IAA) Zephyr Company is provided a grant by a foreign gover for the purpose of acquiring land for a building site ent grant is a zero-interest loan for 5 years evidenced he promissory note. The loan was granted on January 1, 2020 for P8,000;000 Th. market rate of interest is 6%. The present value of 1 for f periods at 6% is .7473. Required: Prepare journal entries for 2020 and 2021.Print Rem A building with an appraisal value of $154,000 is made available at an offer price of $172,000. The purchaser acquires the property for $40,000 in cash, a 90-day note payable for $45,000, and a mortgage amounting to $75,000. The cost basis recorded in the buyer's accounting records to recognize this purchase is O $172,000 ON $160,000 Oc 1154,000 Od $120,000
- 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 O6/11/2023Property 1This property was purchased at a cost of R4 500 000 on 1 January 2019. An upfront payment ofR450 000 was made on this date and the remaining R4 050 000 is payable on 31 December 2019.A discount rate of 10% is applicable. The present value factor for R1 at 10% per annum is 0.909.5% of the property is used by the company as its sales and administration office. This isconsidered to be an insignificant portion of the property. The remaining 95% is leased to thirdparties under operating leases. The property cannot be apportioned off and sold separately.Transfer duties of R328 000 plus other abnormal costs of labour amounting to R50 000 wereincurred in getting the property ready to be let out to third parties.During the year, rentals of R775 000 were earned and repairs and maintenance expenses ofR65 000 were paid.The fair value of the property at year end on 31 December 2019 was R5 400 000. Q.2.2 If the company chooses to use the fair value model for measurement after recognition…Property 1This property was purchased at a cost of R4 500 000 on 1 January 2019. An upfront payment ofR450 000 was made on this date and the remaining R4 050 000 is payable on 31 December 2019.A discount rate of 10% is applicable. The present value factor for R1 at 10% per annum is 0.909.5% of the property is used by the company as its sales and administration office. This isconsidered to be an insignificant portion of the property. The remaining 95% is leased to thirdparties under operating leases. The property cannot be apportioned off and sold separately.Transfer duties of R328 000 plus other abnormal costs of labour amounting to R50 000 wereincurred in getting the property ready to be let out to third parties.During the year, rentals of R775 000 were earned and repairs and maintenance expenses ofR65 000 were paid.The fair value of the property at year end on 31 December 2019 was R5 400 000. Q.2.1 Determine the cost at initial recognition for Property 1. Q.2.2 If the company chooses…
- MCQ3 Smitty Inc. wishes to use the revaluation model for this property: Before Revaluation • Building Gross Value 120,000 • Building Accumulated Depreciation 40,000 • Net carrying value 80,000 The fair value for the property is $150,000. Assuming this is the first year of using the revaluation model, what amount would be booked to the Accumulated Depreciation account, if Smitty chooses to use the proportional method to record the revaluation?Aber Company buys land for $145,000 in 2021. As of 3/31/22, the land has appreciated in value to $151,000. On 12/31/22, the land has an appraised value of $155,400. By what amount should the Land account be increased in 2022? Group of answer choices $6,000 $4,400 $0 $10,400A building is offered for sale at $500,000 but is currently assessed at $400,000. The purchaser of the building believes the building is worth $475,000, but ultimately purchases the building for $450,000. The purchaser records the building at: a. $50,000. c. $450,000. e. $500,000. b. $400,000. d. $475,000.
- Problem 3 Salameda sold a tract of land with a carrying amount of P3,000,000 to Hacienda Pontiveros on July 1, 2018. 1,200,000 was collected on the date of sale, and the balance of P2,800,000 is collectible in four annual installments P902,500, consisting of principal and 11% interest on the unpaid balance. The first annual installment is due July 1, 2019. 1. How much should be the interest income for the year December 31, 2019? a. 121,303 b. 154,000 c. 275,303 308,000 2. What amount of notes receivable should be classified as noncurrent assets on December 31, 2019? a. 2,800,000 b. 1,210,500 c. 1,545,605 d. 2,205,50011 For 100.000 $ land is purchased with a $20, 000 down payment and the execution of an $80, 000 promissory note. How does this purchase affect the accounting equation? a) O assets increase $100, 000; liabilities decrease $100, 000 b) O assets increase $80, 000; liabilities decrease $20, 000 c)O assets increase $80, 000; owner's equity increases $80, 000 d) O assets increase $80, 000; liabilities increase $80, 000 O Boş bırak KÖnceki 11/20 Sonraki> Карat VSinavı Bitir Ce Herhangi bir sey araQuestion Content Area The president of Christmas Corporation donated a building to Tuesday Corporation. The building had an original cost of $675,000, a book value of $255,000, and a fair market value of $475,000. The journal entry by Tuesday Corporation to record this donation will include a debit Building for $675,000 and credit Gain for $200,000. debit Building for $255,000 and credit Gain for $255,000. debit Building for $475,000 and credit Gain for $200,000. debit Building for $475,000 and credit Gain for $475,000.