Portfollo of Avallable-for-Sale Securitles Cost Falr Value December 31, Year 1 $13,000 $15,000 December 31, Year 2 20,000 25,000 December 31, Year 3 23,000 29,000 December 31, Year 4 16,500 19,000
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Ticker Services began operations in Year 1 and holds long-term investments in available-for-sale debt
securities. The year-end cost and fair values for its portfolio of these investments follow. Prepare
entries
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- unta 16 For Randolph Company, the following information is available: Capitalized leases $260,000, Copyrights $345,000 esponder ủa como Long-term receivables $210,000 In Randolph's balance sheet, intangible assets should be reported at larcar unta O a. 345,000. O b. 605,000. 260,000. O d. 815,000. pe here to search 梦 $ok it nces Inventory Building Land Total FMV $ 28,000 210,000 322,000 $560,000 The corporation also assumed a mortgage of $100,000 attached to the building and land. The fair market valu corporation's stock received in the exchange was $460,000. The transaction met the requirements to be tax-c under $351. (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if op Adjusted basis Adjusted Basis $ 14,000 140,000 420,000 $574,000 Assume the corporation assumed a mortgage of $660,000 attached to the building and land. Assume the fair market building is now $350,000 and the fair market value of the land is $742,000. The fair market value of the stock remain g. What is the corporation's adjusted basis in each of the assets received in the exchange? (Do not round intermedial Inventory Building LandOn June 31, 2019, Majestic Co. acquired all of the common stock of Golden Compuny, which became a division of Majestic Co. Golden reported the following statenment of financial position at the time of the acquisition: Golden Company Statement of Financial Position Assets Equity and Liabilities Share capital-ordinary Retained eamings Accounts payable 3950.000 Plant assets (net) Inventory Receivables Cash Total assets $41,050,000 375,000 900,000 650.000 475.000 250.000 $2.325,000 Total equity and liabilities $2.125.000 An appraisal indicated that the fair value of the inventory was $355,000 and the fair value of the plant assets was $1,350,000. The agreed purchave price was $2,500,000, and this amount was paid in cash to the previous owners of Golden Company
- O O O O O Section 1: General Information X GIn the three-stage mpairm QLSfelWr2G3Yy-WzMesbLH8bwuZF1cS 9Fuvofcq8GL2f5tEFFA/formResponse Clear se On January 1, 2022, State Co. sold an equipment to Nation Co. The latter issued a five-year P500,000, 10% note to State Co. The note requires interest to be paid annually every December 31 starting December 31, 2022 until the maturity of the note on December 31, 2026. The equipment has a cost of P1,000,000 and accumulated depreciation as of January 1, 2022 of P550,000. The prevailing interest rate for a note of this type is 12%What amount should be reported as gain (loss) on sale of equipment? (Round off PV factors to four decimal places.) O13,940 gain O13,940 loss O50,000 gain O50,000 loss O Answer not given True or False (PAS 41) toX Transactions for CCA Class 8 assets. Date Item Activity Amount March 11, 2002 Machine 1 Purchase $50,000 April 24, 2002 Machine 2 Purchase $150,000 November 3, 2005 Machine 3 Purchase $230,000 November 22, 2005 Machine 1 Sale $10,000 May 20, 2009 Machine 4 Purchase $50,000 August 3, 2014 Machine 5 Purchase $345,000 September 12, 2015 Machine 3 Sale $50,000 Churchill Metal Products opened for business in 2002. Its transactions for CCA Class 8 assets over the years are shown in the accompanying table. What CCA amount did Churchill Metal Products claim for the 20 percent UCC account in 2016? Click on the icon to view the transactions for CCA Class 8 assets. Churchill Metal Products claimed a CCA of $ in 2016. (Do not round until the final answer. Then round to the nearest dollar as needed.)Oa. $119,42 Ob. $123,434 Oc. $159,374 Od. $138,273 48 6 A building with an appraisal value of $138,273 is made available at an offer price of $159,374. The purchaser acquires the property for $35,940 in cash, a 90- day note payable for $24,302, and a mortgage amounting to $59,197. The cost of the building to be reported on the balance sheet is Y H Q Search & 1- 7 U ra 8 L 1914 K IAA ( 9 fio ▶11 O O J L 99+ Std... PAI P MLA Formatting an... ins prt sc General Format // P.... ← delete Previous backspace ENG INTL home InterpreterDetails enter Next > num lock 5:11 PM 2/19/2023 end 7 home C
- Question 1 The Consolidated Statement of Financial Position Electra is a small publicly listed company and on 1 April 20X8 it acquired 90% of the equity shares in Helios, a private limited company. On the same date Electra accepted a 10% loan note from Helios for $200,000 which was repayable at $40,000 per annum (on 31 March each year) over the next 5 years. Helios' retained earnings at the date of acquisition were $2,200,000. STAMENTS OF FINANCIAL POSITION AS AT 31 MARCH 20X9 ELECTRA HELIOS $'000 $'000 $'000 $'000 Assets Non-current assets plant & Property equipment Intangible: Software Investments: Equity in 2,120 1,990 1,800 4,110 Helios 10% loan note Helios 200 Other 65 210 6,495 4,000 Current Assets Inventories 719 560 Trade receivables 524 328 Helios current account 75 Cash 20 1,338 888 Total Assets 7,833 4,888 Equity & Liabilities Equity Equity shares of $1 each 2,000 1,500 Share Premium 2,000 500 Retained Earnings 2,900 6,900 1,955 3,955 Non -current liabilities 10% loan from…Es Assume the following information: Comp. Property #1 Comp. Property #2 Comp. Property #3 Subject Property Net Operating Income (NOI) $82,000 $75,000 $94,000 $60,000 Effective Gross Income (EGI) $122,000 $111,500 $140,000 $108,000 Selling Price $1,250,600 $1,143,300 $1,433,600 What is the estimated value of the subject property using the direct capitalization technique/approach? Assume the three comparable sales areQuestion 1 Hogwarts Traders: Vehicle 2DatePurchased:1 August 2019 Date CurrentdepreciationAccumulateddepreciationMake andreg.:Hyundai Atos2019 (ZV109GP)31 Dec2019? ?Purchasedfrom:HyundaiAuto(Cash) Cost Price: R150 000 Rate ofDepreciation:15% accordingto straight linemethod. Sold to: Type of Sale: Date sold: Selling Price: Required:Prepare the following accounts in the general ledger of Hogwarts Traders for the financial year ended 31 December 2019 ONLY. Start with the opening balances. Balance the accounts at the end of the month. Ignore VAT.‐ Vehicles‐ Accumulated depreciation: Vehicles‐ Depreciation‐ Asset Disposal‐ Profit/Loss on sale of vehicles.
- 9. Q During The assels" af MiffLinburg orpoahin elecreased by S 66,00o dectease d jssued 8 L000 c00 of curreni fear, The Zolal 2otal Liabilitres by 8300,000. The Company aud new SZock, 'auel ls nel Loss fer the year luas Slockholders equicy Delermine $250,000. No ether Changes bcumed dluring the dollar 20 the year. of dividends declaved amount by The company eluring The yeur .d = ces Problem 6-22A (Algo) Accounting for acquisition of assets, including a basket purchase LO 6-1 Trinkle Company made several purchases of long-term assets during the year. The details of each purchase are presented here. New Office Equipment 1. List price: $41,100; terms: 2/10, n/30; paid within the discount period. 2. Transportation-In: $740. 3. Installation: $470. 4. Cost to repair damage during unloading: $624. 5. Routine maintenance cost after eight months: $150. Basket Purchase of Copler, Computer, and Scanner for $53,500 with Fair Market Values 1. Copier, $26,445. 2. Computer, $9,030. 3. Scanner, $29,025. Land for New Warehouse with an Old Building Torn Down 1. Purchase price, $82,400. 2. Demolition of building, $5,410. 3. Lumber sold from old building, $2,210. 4. Grading in preparation for new building, $9,500. 5. Construction of new building, $217,000. Required In each of these cases, determine the amount of cost to be capitalized in the asset accounts. Asset Office…Refer to the following data of OCT2023CPACompany: Assets to be realized 1,375,000Assets acquired 825,000 Liabilities liquidated 1,875,000Assets realized 1,200,000Liabilities not liquidated 1,700,000 Assets not realized 1,375,000Llabilities assumed 1,625,000Llabilities to be liquidated 2,250,000 Supplementary charges 3,125,000 Supplementary credits 2,800,000 Compute the beginning cash balance assuming that the ending balance of ordinary share and retained earnings are P1,200,000 and (400,000), respectively