Please help me answer the following problems with complete solutions

1. Wong Company purchased land, land improvements and building from Cola Company for P14.4M and from Sarsi Company furniture and equipment for P18.6M. The total cash outlay for the transactions amounted to P33.0M. The appraised values of the assets are as follows: Building - P5.0 M Equipment - P3.0 M Furniture - P1.0 M Land - P13.5 M 'Land improvements - P1.5 M.The allocated cost of the building is a. P6,875,000 P6.785.000 C. P4.600.000 P3,600,000 2 An old cooler with a recorded cost of P150,000 and accumulated depreciation of P140,000 was sold for P4,000. A new cooler with marked price of P200,000 was purchased on February 10. 2022 Freight charge of P3,000 and installation cost of P6,000 were paid. What is the cost of the new cooler? a. P200,000 b. P204,000 (c. P209,000 P210,000 3. The Oh Trading Company exchanged 1,000 shares of Bon Company ordinary shares which Oh was holding as financial assets at fair value through profit or loss (FVPL), for a piece of equipment from Gem Company. The Bon ordinary shares, which had been purchased by Oh for P31 per share, had a quoted market value of P34 per share at the date of exchange and P30 per share as of last reporting date. How would the acquisition be recorded? a. Equipment 30,000 Financial Assets at FVPL 30,000 b. Equipment 31,000 Financial Assets at FVPL 30,000 Gain on Sale of Securities 1,000 C. Equipment 31,000 Loss on Sale of Securities 3,000 Financial Assets at FVPL 34,000 d. Equipment 34,000 Financial Assets at FVPL 30,000 Gain on Sale of Securities 4,000 4. On April 1, 2022, Wang Manufacturing Company bought a new equipment for P800,000. The equipment has an estimated salvage value of P20,000 and useful life of 12 years. Depreciation is computed using the sum-of-the-years digits method.How much is the amount of depreciation for 2022? P20,000 b. P60,000 P75,000 P90,000 5. Use the same information given in MC30. What is the carrying value of this asset in the statement of financial position s December 31, 2023? a. P574.800 b. P577,500 P597,500 P614,800 6. The following expenditures were incurred by the Keng, Inc, in 2022: Cost of land P4,500,900 Expenses of land survey 30,900 Expenses for search of land title 6,090 Building permit fee 10,000 Temporary building to house materials and construction workers 50,090 Demolition of old building 40,000 Payments to tenants to vacate the premises of old building 60,000 Payments to some construction worker for injuries sustained (no insurance was carried) 85,000 Interest on temporary loan for construction 90,000 Cost of paving parking area adjoining building 45,000 Excavation expenses for foundation of building 150,000 Cost of construction 9,800,000 Using the interpretations of the PIC, what are the costs of the land and building, respectively? a. P4,636,000 and P10,245,000 b. P4,461,000 and P10,310,000 C. P4,596,000 and P10, 185,000 d. P4,536,000 and P10,245,000 7. During 2022, Bing Company constructed its own equipment costing P5,000,000. The weighted average accumulated expenditure on these assets during 2019 was P2,500,000. To help finance the construction, P1,800,000 was borrowed at 10% on January 1, 2022, and funds not needed for construction were.emporarily invested in short-term securities, vielding P45,909 in interest revenue. Other than the construction funds borrowed the only other debt outstanding during the year was a P2,500,900, 10-year, 9% notes payable dated January 1, 2022 what is the amount of interest that should be capitalized by Bing during 2022? a. P250,000 b . P243,000 P198,000 P135,000 8. Ging Company borrowed P4,000,000 on a 10% note payable to finance a new warehouse Ging is constructing for its own use. The only other debt on Ging's books is a P6,000,000, 12% mortgage payable on an office building. The construction of the warehouse was completed in six months and the average accumulated expenditures amounted to P4,750,000. What is the amount of interest that Ging Company should capitalize? a. P200,000 b. P237,500 C. P245,000 d. P490,000 9.Go Kong Company decided to construct its own building. The total expenditures until completion amounted to P5,000,000, of which P1,000,000 was paid on January 2, 2022 and the remaining amount of P4,000,000 was incurred evenly throughout the year. A 10% note directly related to the project (specific borrowing) was issued on January 2, 2022 with a face value of P2,000,000. During 2022, borrowings not directly related to the project were: P5,000,000, 5-year, 12% note and P2,000,000, 3-year, 8.5% note. How much is the capitalized interest for 2022? a. P970,000 b. P530,000 C. P310,000 d. P200,00010. A building was constructed and finished on January 1, 2017. The total cost is P8.600.000. It was estimated to last up to January, 1, 2057 with salvage value at P600,000. Depreciation is on straight-line method. On February 1, 2019, repairs costing P50,000 were made on the building. The repairs did not increase the value nor the life of the building. During 2022, after the financial statements for 2021 have been issued, it was estimated that the building would last up to January 1, 2052 without any change in the estimated residual value. On December 31, 2022, the building was sold for P7,500,000. What is the depreciation charge for 2022? a. P200,000 b. P228,570 C. P233,333 d. P257, 150 1 1. Use the same information given in MC 49. How much is the gain (loss) as a result of the sale of the building? a. P( 100,000) b. P(375,000) C. P500,000 P133,333