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intermediate accounting ifrs 4th edition

Questions and Answers of Intermediate Accounting IFRS 4th Edition

Presented below is the current liabilities section of Micro SE (amounts in thousands).InstructionsAnswer the following questions.a. What are the essential characteristics that make an item a
On July 31, 2022, Mexico Company paid $3,000,000 to acquire all of the ordinary shares of Conchita Incorporated, which became a division (cashgenerating unit) of Mexico. Conchita reported the
On June 30, 2022, your client, Ferry plc, was granted two patents covering plastic cartons that it had been producing and marketing profitably for the past 3 years. One patent covers the
Presented below are the components related to an office block that Veenman NV is considering purchasing for €10,000,000.Instructionsa. Compute depreciation expense for 2022, assuming that Veenman
Obihiro Group has equipment with an original cost of ¥500,000,000 and related accumulated depreciation of ¥100,000,000 on December 31, 2022. The fair value of the equipment at December 31, 2022, is
At the end of 2022, Sapporo Group tests a machine for impairment. The machine is carried at depreciated historical cost, and its carrying amount is ¥150,000. It has an estimated remaining useful
Kohlbeck Corporation, a manufacturer of steel products, began operations on October 1, 2021. The accounting department of Kohlbeck has started the plant asset and depreciation schedule (presented
Fontenot SA was organized in 2021 and began operations at the beginning of 2022. The company is involved in interior design consulting services. The following costs were incurred in 2022, prior to
Devon Harris Company has provided information on intangible assets as follows.A patent was purchased from Bradtke Company for $2,500,000 on January 1, 2021. Harris estimated the remaining useful life
McNabb Company spent $190,000 developing a new process prior to achieving economic viability, $45,000 in legal fees to obtain a patent, and $91,000 to market the process that was patented, all in the
Ltd. commenced operations in early 2022. The company incurred HK$60,000,000 of costs such as fees to underwriters, legal fees, governmental fees, and promotional expenditures during its formation.
During 2021, Matsumura Ltd. spent ¥170,000 in research costs. As a result, a new product called the New Age Piano was patented. The patent was obtained on October 1, 2021, and had a legal life of
Treasure Land plc incurred the following costs in 2022.Cost of laboratory research aimed at discovery of newknowledge
Yoon Industries has the following patents on its December 31, 2021, statement of financial position (amounts in thousands).The following events occurred during the year ended December 31, 2022.1.
What is goodwill? What is a bargain purchase?
Fred Graf, owner of Graf Interiors, is negotiating for the purchase of Terrell Galleries. The following statement of financial position of Terrell is given in an abbreviated form.Graf and Terrell
Nieland Industries had one patent recorded on its books as of January 1, 2022. This patent had a book value of $288,000 and a remaining useful life of 8 years. During 2022, Nieland incurred research
On July 1, 2022, Brandon SE purchased Mills Company by paying €250,000 cash and issuing a €150,000 note payable. At July 1, 2022, the statement of financial position of Mills Company was as
Sinise Industries acquired two copyrights during 2022. One copyright related to a textbook that was developed internally at a cost of €9,900. This textbook is estimated to have a useful life of 3
The following information is related to a copyright owned by Botticelli Company at December 31, 2022.Cost ......................................................... $8,600,000Carrying amount
Braxton Inc. is considering the write-off of a limited-life intangible because of its lack of profitability. Explain to the management of Braxton how to determine whether a write-off is permitted.
The following is net asset information related to the Ting Division of Santana Ltd.
Margaret Avery Company from time to time embarks on a research program when a special project seems to offer possibilities. In 2021, the company expends €325,000 on a research project, but by the
Martinez Company incurred the following costs during 2022 in connection with its research and development activities.Cost of equipment acquired that will have alternative uses in future R&D
In 2021, Jackie Chan Ltd. developed a new product that will be marketed in 2023. In connection with the development of this product, the following costs were incurred in 2022: research and
An intangible asset with an estimated useful life of 30 years was acquired on January 1, 2012, for $540,000. On January 1, 2022, a review was made of intangible assets and their expected service
In early January 2021, Reymont Corporation applied for a trade name, incurring legal costs of $18,000. In January 2022, Reymont incurred $7,800 of legal fees in a successful defense of its trade
Montana Matt’s Golf Ltd. was formed on July 1, 2021, when Matt Magilke purchased the Old Master Golf Company. Old Master provides video golf instruction at kiosks in shopping malls. Magilke plans
Powerglide plc, organized in 2021, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2022.InstructionsPrepare the
In 2022, Ghostbusters SA spent €420,000 for “goodwill” visits by sales personnel to key customers. The purpose of these visits was to build a solid, friendly relationship for the future and to
As the recently appointed auditor for Ng Ltd., you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2022, are prepared. The controller for Ng mentions
On September 1, 2022, Winans Ltd. acquired Aumont Enterprises for a cash payment of £700,000. At the time of purchase, Aumont’s statement of financial position showed assets of £620,000,
Cuevas Co. is in the process of developing a revolutionary new product. A new division of the company was formed to develop, manufacture, and market this new product. As of year-end (December 31,
During 2020, Robin Wright Tool Company purchased a building site for its proposed research and development laboratory at a cost of $60,000. Construction of the building was started in 2020. The
Presented below is selected information for Palmiero Company.1. Palmiero purchased a patent from Vania Co. for $1,500,000 on January 1, 2020. The patent is being amortized over its remaining legal
Gershwin plc obtained a franchise from Sonic Hedgehog Inc. for a cash payment of £120,000 on April 1, 2022. The franchise grants Gershwin the right to sell certain products and services for a period
What are the three main characteristics of intangible assets?
After securing lease commitments from several major stores, Auer Shopping Center, Inc. was organized and built a shopping center in a growing suburb.The shopping center would have opened on schedule
Langrova SpA has the following amounts reported in its general ledger at December 31, 2022.Organization costs .................................................................................
Choo Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of air pollution. Choo does not manufacture or sell the products and processes it develops.
Use the information provided in BE12.1. Assume that at January 1, 2024, the carrying amount of the patent on Celine Dion’s books is $43,200. In January, Celine Dion spends $24,000 successfully
The financial statements of adidas (DEU) and Puma (DEU) are presented in Appendices B and C, respectively. The complete annual reports, including the notes to the financial statements, are available
The financial statements of M&S (GBR) are presented in Appendix A. The company’s complete annual report, including the notes to the financial statements, is available online.InstructionsRefer
Reichenbach Co., organized in 2021, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2021 and
Celine Dion Corporation purchases a patent from Salmon Company on January 1, 2022, for $54,000. The patent has a remaining legal life of 16 years. Celine Dion feels the patent will be useful for 10
Su Ltd. acquired an excavator on January 1, 2020, for ¥10,000 (all amounts in thousands). This excavator represents the company’s only piece of equipment, and Su chooses revaluation accounting.
Falcetto Company acquired equipment on January 1, 2021, for €12,000. Falcetto elects to value this class of equipment using revaluation accounting. This equipment is being depreciated on a
Use the information in E11.25.InstructionsPrepare the journal entries to record the revaluation of the land in each year.Data from E11.25Pengo Ltd. owns land that it purchased at a cost of ¥400
Pengo Ltd. owns land that it purchased at a cost of ¥400 million in 2020. The company chooses to use revaluation accounting to account for the land. The land’s value fluctuates as follows (all
Tanaka Ltd. has land that cost ¥15,000,000. Its fair value on December 31, 2022, is ¥20,000,000. Tanaka chooses the revaluation model to report its land. Explain how the land and its related
Croatia Company purchased land in 2022 for $300,000. The land’s fair value at the end of 2022 is $320,000; at the end of 2023, $280,000; and at the end of 2024, $305,000.InstructionsPrepare the
At the beginning of 2022, Callaway Company acquired a mine for $850,000. Of this amount, $100,000 was ascribed to the land value and the remaining portion to the minerals in the mine. Surveys
Henrik Mining purchased land on February 1, 2022, at a cost of €1,250,000. It estimated that a total of 60,000 tons of mineral was available for mining. After it has removed all the mineral
Federer Drilling has leased property on which oil has been discovered. Wells on this property produced 18,000 barrels of oil during the past year that sold at an average sales price of €65 per
The management of Sprague Inc. was discussing whether certain equipment should be written off as a charge to current operations because of obsolescence. This equipment has a cost of $900,000 with
Assume the same information as E11.18, except that Pujols intends to dispose of the equipment in the coming year. Instructionsa. Prepare the journal entry (if any) to record the impairment of
Presented below is information related to equipment owned by Pujols SpA at December 31, 2022.Cost ......................................................................... €9,000,000Accumulated
Brazil Group purchases a tractor at a cost of €50,000 on January 2, 2022. Individual components of the tractor and useful lives areas follows (zero residual value).Instructionsa. Compute
On March 10, 2024, No Doubt Company sells equipment that it purchased for $240,000 on August 20, 2017. It was originally estimated that the equipment would have a life of 12 years and a residual
Parnevik Group uses revaluation accounting for a class of equipment it uses in its golf club refurbishing business. The equipment was purchased on January 2, 2022, for €500,000; it has a 10-year
Kawasaki Ltd. shows the following entries in its Equipment account for 2023. All amounts (in yen, in thousands) are based on historical cost.Instructionsa. Prepare any correcting entries necessary.b.
Andrea Shen purchased a computer for €8,000 on July 1, 2022. She intends to depreciate it over 4 years using the double-declining-balance method. Residual value is €1,000. Compute depreciation
Peloton Company constructed a building at a cost of $2,400,000 and occupied it beginning in January 2003. It was estimated at that time that its life would be 40 years, with no residual value.In
In 1995, Abraham AS completed the construction of a building at a cost of €1,900,000 and first occupied it in January 1996. It was estimated that the building would have a useful life of 40 years
A building that was purchased December 31, 1998, for £2,500,000 was originally estimated to have a life of 50 years with no residual value at the end of that time. Depreciation has been recorded
Phelps Oil Wildcatters plc has leased property on which oil has been discovered. Wells on this property produced 36,000 barrels of oil during the past year, which sold at an average sales price of
Machinery purchased for $52,000 by Carver Co. in 2018 was originally estimated to have a life of 8 years with a residual value of $4,000 at the end of that time. Depreciation has been entered for 5
What is component depreciation?
Roland SE uses special strapping equipment in its packaging business. The equipment was purchased in January 2021 for €10,000,000 and had an estimated useful life of 8 years with no residual value.
Silverman Company purchased machinery for $162,000 on January 1, 2022. It is estimated that the machinery will have a useful life of 20 years, residual value of $15,000, production of 84,000 units,
On January 1, 2021, Luis SA, a small machine-tool manufacturer, acquired for R$1,260,000 a piece of new industrial equipment. The new equipment had a useful life of 5 years, and the residual value
Goldman SA bought a machine on June 1, 2020, for €31,800, f.o.b. the place of manufacture. Freight to the point where it was set up was €200, and €500 was expended to install it. The
Workman Group purchased a machine on January 2, 2022, for €800,000. The machine has an estimated useful life of 5 years and a residual value of €100,000. Depreciation was computed by the 150%
Tan Chin Ltd. purchases a building for HK$11,300,000 on January 2, 2022. An engineer’s report shows that of the total purchase price, HK$11,000,000 should be allocated to the building (with a
January 1, 2020, a machine was purchased for $90,000. The machine has an estimated residual value of $6,000 and an estimated useful life of 5 years. The machine can operate for 100,000 hours before
Holt plc purchased a computer for £8,000 on January 1, 2021. Straightline depreciation is used, based on a 5-year life and a £1,000 residual value. In 2023, the estimates are revised. Holt now
Agazzi Company purchased equipment for $304,000 on October 1, 2022. It is estimated that the equipment will have a useful life of 8 years and a residual value of $16,000. Estimated production is
Ortiz SA purchased a piece of equipment that cost R$202,000 on January 1, 2022. The equipment has the following components.Compute the depreciation expense for this equipment at December 31, 2022.
Darby Sporting Goods Plc has seen increased demand for its products over the last several years. The last two Olympic Games greatly increased the popularity of basketball around the world. As a
Cominsky Company purchased a machine on July 1, 2023, for $28,000. Cominsky paid $200 in title fees and county property tax of $125 on the machine. In addition, Cominsky paid $500 shipping charges
Jerry Prior, Beeler AG’s controller, is concerned that net income may be lower this year. He is afraid upper-level management might recommend cost reductions by laying off accounting staff,
A depreciation schedule for semitrucks owned by Ichiro Manufacturing was requested by your auditor soon after December 31, 2023, showing the additions, retirements, depreciation, and other data
Wenner Furnace Corp. purchased machinery for $279,000 on May 1, 2022. It is estimated that it will have a useful life of 10 years, residual value of $15,000, production of 240,000 units, and working
Use the information for Lockard SE given in BE11.2. (a) Compute 2022 depreciation expense using the double-declining-balance method. (b) Compute 2022 depreciation expense using the
As a cost accountant for San Francisco Cannery, you have been approached by Phil Perriman, canning room supervisor, about the 2022 costs charged to his department. In particular, he is concerned
The following data relate to the Plant Assets account of Eshkol, Ltd. at December 31, 2022.The following transactions occurred during 2023.a. On May 5, Asset A was sold for £13,000 cash. The
Cosby AG purchased a new plant asset on April 1, 2022, at a cost of €774,000. It was estimated to have a service life of 20 years and a residual value of €60,000. Cosby’s accounting period is
Use the information for Lockard SE given in BE11.2. (a) Compute 2022 depreciation expense using the sum-of-the-years’-digits method. (b) Compute 2022 depreciation expense using the
The cost of equipment purchased by Charleston, SA, on June 1, 2022, is €89,000. It is estimated that the machine will have a €5,000 residual value at the end of its service life. Its service life
Lockard SE purchased machinery on January 1, 2022, for €80,000. The machinery is estimated to have a residual value of €8,000 after a useful life of 8 years. (a) Compute 2022 depreciation
The financial statements of M&S (GBR) are presented in Appendix A. The company’s complete annual report, including the notes to the financial statements, is available online.InstructionsRefer
Hakodat Manufacturing Group was organized January 1, 2022. During 2022, it has used in its reports to management the straight-line method of depreciating its plant assets.On November 8, you are
Alladin Company purchased Machine #201 on May 1, 2022. The following information relating to Machine #201 was gathered at the end of May.Price
Fernandez Corporation purchased a truck at the beginning of 2022 for $50,000. The truck is estimated to have a residual value of $2,000 and a useful life of 160,000 miles. It was driven 23,000 miles
On January 1, 2022, Pavlova Company received a notice from the government that a new highway was being built and that land and a building owned by the company were going to be claimed in the
On December 31, 2022, Mitsui Ltd. has a machine with a book value of ¥940,000. The original cost and related accumulated depreciation at this date are as follows all amounts in thousands.Machine
The following transactions occurred during 2023. Assume that depreciation of 10% per year is charged on all machinery and 5% per year on buildings, on a straight-line basis, with no estimated
Yilmaz SA is provided a grant by the local government to purchase land for a building site. The grant is a zero-interestbearing note for 5 years. The note is issued on January 2, 2022, for €5
Rialto Group received a £100,000 grant from the government to acquire £500,000 of delivery equipment on January 2, 2022. The delivery equipment has a useful life of 5 years. Rialto uses the
Yintang Group has negotiated the purchase of a new piece of automatic equipment at a price of HK$7,000 plus tradein, f.o.b. factory. Yintang paid HK$7,000 cash and traded in used equipment. The used

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