On July 1, 2018, joint operator A, with 40% interest, contributed equipment to the joint operation for
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Question:
On July 1, 2018, joint operator A, with 40% interest, contributed equipment to the joint operation for P250,000. The equipment had to remain a useful life of 5 years and a carrying amount of P200,000.
- What amount of the equipment will be reported by joint operator A as of December 31, 2018?
- What is the balance of unrealized gain on the transfer of equipment on December 31, 2018?
Related Book For
Intermediate Accounting
ISBN: 978-1118742976
16th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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