In the consolidated statement of financial position of the parent and its subsidiaries, what total amount should be reported as investment property? A. 6,000,000 B. 5,500,000 C. 8,000,000 D. 9,000,000
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- Tajam Bhd has a subsidiary meeting the criteria of MFRS 5 to be classified as held for sale. This subsidiary has a disposal group held for sale with the following details: RM Goodwill Property, plant and equipment Intangible assets Investment property Carrying amount of the disposal group 40,800 112,000 64,000 33.960 250,760 The following information are relevant to the disposal group: The investment property is measured by using the fair value model, and its fair value is RM30,000 at the date of the disposal group being reclassified as held for sale under MFRS 5. Other assets have already been re-measured in accordance with the applicable accounting standards before the reclassification as held for sale. The fair value less costs to sell of the disposal group is RM200,000. Required: Evaluate the financial implication of the reclassification of the disposal group as held for sale.Beched Company and its subsidiaries provided the following properties owned by the group: Land held by Beched for undetermined future use Vacant building, owned by Beched to be leased out under an 1,000,000 operating lease Property held by Beched for use in production Property held by a subsidiary of Beched, a real estate firm, in the ordinary course of its business 2,000,000 4,000,000 3,000,000 Building owned by subsidiary of Beched and for which the subsidiary Provides security and maintenance services to the lessees Land leased by Beched to a subsidiary under an operating lease Equipment leased by Beched to unrelated party under an operating lease 2,500,000 1,500,000 500,000 Building under construction by Beched for use as investment property 3,500,000 In the consolidated statement of financial position of Beched Company and its subsidiaries, what total amount should be shown as investment property?Eragon Company and its subsidiaries own the following properties that are accounted for in accordance with international accounting standards: Land held by Eragon for undetermined use A vacant building owned by Eragon and to be 5,000,000 leased out under an operating lease Property held by a subsidiary of Eragon, a real estate firm, in the ordinary course of the business Property held by Eragon for use in production Building owned by a subsidiary of Eragon and for which the subsidiary provides security 3,000,000 2,000,000 4,000,000 and maintenance services to the lessees 1,500,000 Land leased by Eragon to a subsidiary under an operating lease 2,500,000 Property under construction for use as investment property Land held for future factory site 6,000,000 3,500,000 Machinery leased out by Eragon to an unrelated party under an operating lease Required: 1. Compute the total investment property that will be shown in the consolidated statement of financial of position of Eragon Company and…
- Wingtip, a building company, owns a property which is currently occupied by its subsidiary. How should this property be accounted for in the CONSOLIDATED financial statements? Select one: a. As Investment Property under IAS 40 - Investment Property b. As Inventory under IAS 2 -Inventories c. As a lease under IFRS 16 Leases d. As Property under IAS 16, Property, Plant and Equipment An investment property under IAS 40 can be held for which of the following purposes? Select one: a. For use in the supply of services b. For use as retail premises c. For capital appreciation d. For use as an office If the fair value of an investment property cannot be reliably measured, how should it be recognised? Select one: a. At an estimated amount under IAS 40 b. At value in use c. At cost less depreciation under IAS 16 d. At estimated replacement cost Which of the following could require a property to be accounted for under IAS 40 Investment Property? Select one: a. The commencement of…PUMASA AKO Company and its subsidiaries own the following properties that are accounted for in accordance with international accounting standards: 6,000,000 2,500,000 Land held by the parent for undetermined use A vacant building owned by the parent and to be leased out under an operating lease Property held by a subsidiary, a real estate firm, in the ordinary course of business Property held by the parent for use in production Building owned by a subsidiary and for which the subsidiary provides security and maintenance services to the lessees Land leased by the parent to a subsidiary under an operating lease Property under construction for use as investment property Land held for future factory site Machinery leased out by the parent to an unrelated party under an operating lease 2,000,000 4,000,000 2,000,000 2,500,000 4,000,000 3.500,000 1,000,000 How much is the total investment property that should be reported in the consolidated statement of financial position of PUMASA AKO…Investment Property: Recognition: The following are being considered for classification under Investment Property by ABC Retailer Incorporated. Which should be included and what is correct balance for the account? a. Land held for undetermined use – P 4,000,000 b. Manufacturing plant – P 5,000,000 c. Vehicles rented out for additional income – P 3,000,000 d. Land plus building under construction to be rented out under an operating lease – P6,000,000 e. Investment Property, balance
- Theirs Company owns the properties below, which it leases out under operating leases to the following: Fair Value RenterBuilding -------------- P 5,000,000 subsidiaryMachinery ------------ 800,000 AssociateCondominium Unit--- 3,000,000 subsidiaryLand ------------------ 8,000,000 AssociateIn Theirs's consolidated statement of financial position, how much would be presented as investment property?The following pertains to Connie Corp's biological assets: Fair value based on unobservable inputs for the asset P4,900 Quoted price in an active market for similar asset P5,400 Quoted price in an active market for identical asset P5,300 Selling price in a binding contract to sell P5,600 Estimated commissions to brokers and dealers P500 Estimated transport and other costs necessary to get asset to the market P300 The entity’s biological assets should be valued atA subsidiary leases its office unit from its parent company. The parent company appropriately classifies this office unit as investment property in its statement of financial position. In the consolidated financial statements, how should this office unit be classified?a. Inventoriesb. Investment Propertyc. Property, Plant and Equipment d. Not presented
- Investment Property: Recognition: The following are being considered for classification under Investment Property by ABC Retailer Incorporated. Which should be included and what is correct balance for the account? 30. Land held for undetermined use – P 4,000,000 Include Exclude 31. Manufacturing plant – P 5,000,000 Include Exclude 32. Vehicles rented out for additional income – P 3,000,000 Include Exclude 33. Land plus building under construction to be rented out under an operating lease – P6,000,000 Include Exclude 34. Investment Property, balanceA property is classified as investment property if Question options: a it is leased out under a finance lease b the owner-occupied portion of the property is significant. c the entity provides relatively insignificant ancillary services (e.g., security, janitorial services, and the like) to the occupants of the property. d it is rented between a parent entity and a subsidiary and consolidated financial statements are prepared for the groupTremendous Company is involved in the exploration for mineral resource. The accounting policy i to recognize and measure exploration asset initially at cost. During the current year, the entity incurred the following expenditures: Exploratory drilling for materials on site and related activities Roads and infrastructure to access exploratory site Expenditure relating to the subsequent development of the resources P 3,000,000 5,250,000 5,100,000 Ql. At what amount should exploration asset be initially recognized in the statement of financial position?