On January 1, 2020, A, B and C establish a joint undertaking to manufacture a product they

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On January 1, 2020, A, B and C establish a joint undertaking to manufacture a product they agree to share equally. Each will contribute P300,000 into the operation, A and B are to contribute cash while C is to contribute equipment with a carrying amount of P280,000 and fair value of P300,000. The equipment has a remaining useful life of 8 years when contributed. At

1. what amount will each operator present the Equipment on its January 1, 2020 Statement of Financial Position?

2. t what amount will each operator present the Equipment on its December 31, 2020 Statement of Financial Position?

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Management and Cost Accounting

ISBN: 978-1408093887

8th edition

Authors: Colin Drury

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Posted Date: Apr 03, 2023 02:45 AM

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On January 1, 2020, A, B and C establish a joint undertaking to manufacture a product they

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A B and C will each present the equipment at P300000 on their January 1 20... View the full answer

Management and Cost Accounting

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