At what amount should the Land be recorded in the books of Orange?
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On October 17, ORANGE Company issued 15,000 shares of its ₱100 par ordinary share in acquiring a land that has a fair value of ₱ 1,700,000 during that date. The ordinary share is actively selling at ₱120 per share. On December 31, the land has a fair value of ₱2,100,000. At what amount should the Land be recorded in the books of Orange?
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- On October 17, CORAL Company issued 15,000 shares of its ₱100 par ordinary share in acquiring a land that has a fair value of ₱ 1,700,000 during that date. The ordinary share is actively selling at ₱120 per share. On December 31, the land has a fair value of ₱2,100,000. At what amount should the Land be recorded in the books of CORAL?On October 17, CORAL Company issued 15,000 shares of its ₱100 par ordinary share in acquiring a land that has a fair value of ₱ 1,700,000 during that date. The ordinary share is actively selling at ₱120 per share. On December 31, the land has a fair value of ₱2,100,000. At what amount should the Land be recorded in the books of CORAL? A. ₱ 1,700,000 B. ₱ 1,800,000 C. ₱ 1,500,000 D. ₱ 2,100,000On October 17, ORANGE Company issued 15,000 shares of its P100 par ordinary share in acquiring a land that has a fair value of P 1,700,000 during that date. The ordinary share is actively selling at P120 per share. On December 31, the land has a fair value of P2,100,000. At what amount should the Land be recorded in the books of Orange? *
- On September 1, FAITH Inc issued 120,000 shares of its P50 par value ordinary share in exchange for land. On the date of the transaction, the fair value of the ordinary shares, evidenced by its quoted market price in the stock exchange, was P120 per share. The fair value of the land on the same date was valued at P10,000,000. The journal entry to record this transaction includes a debit to Land for how much?On October 17, CORAL Company issued 15,000 shares of its ₱100 par ordinary share in acquiring a land that has a fair value of ₱ 1,700,000 during that date. The ordinary share is actively selling at ₱120 per share. On December 31, the land has a fair value of ₱2,100,000. At what amount should the Land be recorded in the books of CORAL? ₱ 1,800,000 ₱ 1,500,000 ₱ 1,700,000 ₱ 2,100,000Cavite Company acquired land and building by issuing 60,00O, P100 par value, ordinary shares. On the date of acquisition, the shares had a fair value of P150 per share and the land and building had fair value of P2,000,000 and P6,000,000 respectively. During the year, Cavite also received land from a shareholder to facilitate the construction of a plant in the city. Cavite paid P100,000 for the land transfer. The land's fair value is P1,500,000. As a result of these acquisitions, Cavite Company's equity had a net increase of
- On july 16, 2021, Empe exchanged a land for 15,000 ordinary shares of RH corporation to be held for trading. On this date, the carrying amount of the land was P1,200,000 and the fair value was P1,650,000. On this date, the carrying amount of RH's share was P75 and the market value was P125. On October 17, 10,000 of these share were sold at P135. The market price at year end is P142. The entry made by your client with regards to the above investment upon acquisition was: DEBIT: Trading securities-RH-P1,200,000 CREDIT: Land-P1,200,000 Upon sale: DEBIT: Cash-P1,350,000 CREDIT: Trading securities-P1,350,000 What amount should be presented in the statement of financial position on December 31, 2021 for the investment related to RH? Compute the unrealized gain or loss that should be reported in the income statement at yearend. ( If loss, put a negative (-) sign before the numerical figure)On June 17, the Lattern Company issued 120,000 shares of its $0.10 par value common share in exchange for land. On the date of the transaction, the fair value of the common share, evidenced by its market price, was $10 per share. The journal entry to record this transaction includes ______.On October 1, Dennis Company purchased ₱200,000 face value, 12% bonds at 98 plus accrued interestand brokerage fees and classified them as amortized cost assets. Interest is paid semiannually on January1 and July 1. Brokerage fees for this transaction were ₱700. At what amount should this acquisition ofbonds be recorded?
- On January 1, 2020, Hough Co. purchased 100,000 ordinary shares of Derek Co. at ₱20 per share. The shares are classified as financial asset at fair value through profit or loss. Derek declared and paid dividends of ₱2 and ₱3 per share during 2020 and 2021. At the end of 2020 and 2021, Derek's shares have a fair value of ₱18 and ₱22 respectively.1. Determine the dividend income recognized by Hough on the equity instrument in 2020 and 2021.2. Determine the carrying amount of the equity instrument on Hough's statement of financial statement on December 31, 2020 and December 31, 2021.3. Determine the unrealized gain or loss on change in fair value recognized by Hough in its profit or loss statement for the year ended December 31, 2020 and December 31, 2021.Augmented Co. acquired a piece of land by issuing 20,000 shares with par value of P10 per share and quoted price of P90 per share. Case 1: The land has a fair value of P2,000,000. Provide the entry. Case 2: The fair value of the land cannot be determined reliably. Provide the entry.Apples Corporation bought 2,000 shares of Oranges Corporation on January 2, 2020 at ₱150 per share and paid ₱2,250 as brokerage fee and ₱1,500 non-refundable tax. The investment is measured at fair value through other comprehensive income. Prior to the date of acquisition, information revealed that on December 8, 2019, Oranges Corporation declared a ₱10 cash dividend to shareholders on record as of January 31, 2020 payable on April 30, 2020. There were no other transactions in 2020 affecting the investment in Oranges Corporation. What is the historical or acquisition cost of the investment account? A.₱ 302,250 B.₱ 300,000 C.₱ 303,750 D.₱ 283,750