The following are available from Pinkish Gambino:                 Machinery        Equipment Cost of Acquisition        P560,000        P140,000 Estimated Salvage Value    60,000          20,000 Date of Acquisition        January 1, 2020        July 1, 2020 Estimated Life                 10 years        5 years On October 1, 2023, the above machinery was sold for P400,000 while the equipment could no longer be used on March 31, 2023 and the company received P50,000 from the insurers in full settlement of the claims. How much is the net gain or loss from the disposal of the assets above? a. 3,500 b.23,500 c.24,000 d.27,500

Carter Company has provided information on intangible assets as follows. A patent was purchased from Ford Company for $2,000,000 on January 1, 2019. Carter estimated the remaining useful life of the patent to be 10 years. The patent was carried in Ford's accounting records at a net book value of $2,000,000 when Ford sold it to Carter. During 2020, a franchise was purchased from Polo Company for $480,000. In addition, 5% of revenue from the franchise must be paid to Polo. Revenue from the franchise for 2020 was $2,500,000. Carter estimates the useful life of the franchise to be 10 years and takes a full year's amortization in the year of purchase. Carter incurred research and development costs in 2020 as follows. Materials and equipment $142,000 Personnel 189,000 Indirect costs  102,000   $433,000 Carter estimates that these costs will be recouped by December 31, 2023. The materials and equipment purchased have no alternative uses. On January 1, 2020, because of…

Entity A acquires equipment on Jan 1, 2021. Information on costs is as follows. Purchase price, gross of trade discount is 1000000 Trade discount available is 10000 Freight costs is 20000 Testing costs is 30000 Net disposal proceeds of samples generated during testing is 5000 Present value of estimated costs of dismantling the equipment at the end of its useful life is 6209 On Dec 31, 2023, Entity A revalues the equipment at a fair value of 820000. There is no change in the residual value and the useful life of the asset. How much is the revaluation surplus on Dec 1, 2023?

Presented below is information related to equipment owned by Novak Company at December 31, 2025. Cost Accumulated depreciation to date Expected future net cash flows Fair value $11,250,000 1,250,000 8,750,000 Dec. 31 6,000,000 Novak intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $25,000. As of December 31, 2025, the equipment has a remaining useful life of 4 years. The asset was not sold by December 31, 2026. The fair value of the equipment on that date is $6,625,000. Prepare the journal entry (if any) necessary to record this increase in fair value. It is expected that the cost of disposal is still $25,000. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation Debit Credit