Oryx Investment Properties has three properties, details of which are listed below. The company uses the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Oryx Investment Properties has three properties, details of which are listed below. The company uses the cost model for property, plant and equipment and the fair value model for investment properties. All assets measured on the cost basis are depreciated on the straight-line basis over the asset's estimated useful life to nil residual values. There is no indication of impairment for any of its properties at 31 December every year. Property in Windhoek • This property was acquired on 1 January 2020 at a cost of N$3 750 000, with the intention of using the property as the company's administrative office. • At acquisition The property has an estimated useful life of 40 years. On 31 August 2020 the company decided to capitalize from its property by sub- letting it under an operating lease. At 31 December 2020, these property was revalued for N$ 4 200 000. Property in Rundu • This property was acquired on 1 July 2017 at a cost of N$ 5 100 000, with the intention of letting it out on a long-term basis. The property has an estimated useful life of 35 years. The fair value of the property at 31 December 2018 was N$ 7 650 000. •. During the year ended 31 December 2019, N$ 4 50 000 was spent upgrading the property. This has led to increases in the rent for the property and, as a result, its estimated fair value at 31 December 2019 is N$ 14 100 000. Oryx Investment Properties has three properties, details of which are listed below. The company uses the cost model for property, plant and equipment and the fair value model for investment properties. All assets measured on the cost basis are depreciated on the straight-line basis over the asset's estimated useful life to nil residual values. There is no indication of impairment for any of its properties at 31 December every year. Property in Windhoek • This property was acquired on 1 January 2020 at a cost of N$3 750 000, with the intention of using the property as the company's administrative office. • At acquisition The property has an estimated useful life of 40 years. On 31 August 2020 the company decided to capitalize from its property by sub- letting it under an operating lease. At 31 December 2020, these property was revalued for N$ 4 200 000. Property in Rundu • This property was acquired on 1 July 2017 at a cost of N$ 5 100 000, with the intention of letting it out on a long-term basis. The property has an estimated useful life of 35 years. The fair value of the property at 31 December 2018 was N$ 7 650 000. •. During the year ended 31 December 2019, N$ 4 50 000 was spent upgrading the property. This has led to increases in the rent for the property and, as a result, its estimated fair value at 31 December 2019 is N$ 14 100 000.
Expert Answer:
Answer rating: 100% (QA)
11 Journalizing the information for Oryx Investment Properties Property in Windhoek On January 1 202... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
What if: Lets return to the facts in the previous example where Courtneys share of CCS loss was $15,000, her tax basis in their CCS interest is $10,000, and her at-risk amount in the activity is also...
-
Melawati Corporation Bhd (MCB) acquired an office building (old building) on 1 January 2005 for RM4,000,000. It depreciates the building on the straight-line method over 50 years to a nil residual...
-
You are an investment analyst. A client of yours, Mr A, owns 3.5% of the share capital of Price. Price is a listed company and prepares financial statements in accordance with International...
-
An inverted pyramidal tank has an equilateral triangular base measuring 3 ft. on a side and an altitude of 7 ft. DSMIT adi a. How many gallons of water can the tank hold? b. What will be the wetted...
-
The trial balance as of July 31, 2018, for Sheila Sanchez, Registered Dietician, is presented below: Requirements 1. Prepare the income statement for the month ended July 31, 2018. 2. Prepare the...
-
Engineers designing new piston engines and turbines need to understand how work and heat are involved in various compression and expansion cycles. Suppose that 1.00 mol of ideal gas molecules at an...
-
\(\left(\frac{a}{2 b} ight)^{5}\) Simplify the expression.
-
Xeriscape Nurseries, Inc., has four divisions. The corporations controller has been asked to prepare a cash budget for the Northern Division for the first quarter. Projected data supporting this...
-
1) Fijisawa, Inc. is considering a major expansion of itsproduct line and has estimated the following cash flows associatedwith such an expansion. The initial outlay would be $10,500,000?,and the 2...
-
Refer to the North Valley Real Estate data, which report information on homes sold during the last year. For the variable price, select an appropriate class interval and organize the selling prices...
-
9. Contractors Nigeria Ltd. undertook to build a cooling tower at a contract price of N675,000. It is estimated that it will take two years to complete. Work commenced on 1st May 1985. The company's...
-
If we decrease the value of the significance level , we ________________ the probability of a Type II error. In Exercises 2328, fill in each blank with the appropriate word or phrase.
-
Competence as a certified public accountant includes all of the following except a. Having the technical qualifications to perform an engagement. b. Possessing the ability to supervise and evaluate...
-
The smaller the P-value is, the stronger the evidence against the ______________ hypothesis becomes. In Exercises 2328, fill in each blank with the appropriate word or phrase.
-
A CPA is most likely to refer to one or more of the four auditing standards of reporting in determining a. The nature of the CPA's opinion qualification. b. The scope of the CPA's auditing...
-
What is the general character of the three generally accepted auditing standards classified as general standards? a. Criteria for evaluating competence, independence, and professional care of...
-
Indicate whether each item is included in the income statement, statement of owner's equity, balance sheet, or statement of cash flows. One item appears in multiple financial statements. A. Net loss...
-
How does Kant answer Humes bundle theory of self? Do you think he is successful?
-
Jardine Matheson Group (Part 1) With its broad portfolio of market-leading businesses, the Jardine Matheson Group is an Asian-based conglomerate with extensive experience in the region. Its business...
-
Portofino Company made purchases on account from three foreign suppliers on December 15, 2009, with payment made on January 15, 2010. Information related to these purchases is as follows: Portofino...
-
How are costs associated with the issuance of bonds payable accounted for?
-
\(\sim(\sim r \vee \sim s)\) Given: \(p\) : Frodo is a hobbit, \(q\) : Gandalf is a wizard, \(r\) : Frodo and Samwise will take the ring to Mordor, and \(s\) : Gollum will help Frodo get into Mordor....
-
\(p \vee q \leftrightarrow r\) Given: \(p\) : Frodo is a hobbit, \(q\) : Gandalf is a wizard, \(r\) : Frodo and Samwise will take the ring to Mordor, and \(s\) : Gollum will help Frodo get into...
-
Frodo and Samwise will take the ring to Mordor or Gandalf is not a wizard and Frodo is a hobbit. Translate the written form of each compound logical statement into symbolic form.
Study smarter with the SolutionInn App