4. The following information relates to the obligations of liyak Na Corporation as of December 31, 2020 Accounts payable for goods and services purchased on open account amounted to P35.000 at December 31, 2020 On December 15, 2020, liyak Na declared a cash dividend of P.so per share, payable on January 12, 2021, to shareholders of record as of December 31, 2020 Tissue had a 1 million ordinary shares issued and outstanding On December 31, 2020, liyak Na entered into a six-year finance lease on a warehouse and made the first annual lease payment of P100,000. The incremental borrowing rate was 10% and the interest rate implicit in the lease, which was known to liyak Na was 12% On July 1, 2020, liyak Na issued P500,000, 10% bonds for P440,000 to yield 8%. The bonds pay interest annually every June 30. At December 31, 2020, the bonds were trading on the open market at 86 to yield 12%. Tiyak Na uses the effective interest method liyak's 2020 accounting profit was P850,000 and its taxable profit was P600,000 The difference is due to P150, 000 permanent differences and Proo, ooo of temporary differences related to noncurrent assets. At December 31, 2020, liyak na had cumulative taxable differences of P300,000 related to noncurrent assets. Tiyak na's effective tax rate is 25%. Tiyak na made no estimated tax payments during the year. Requirements: a. Determine the amount of noncurrent assets as of December 31, 2020 b. Determine the amount of finance lease liability as of December 31, 2020 c. Determine the carrying amount of bonds payable as of December 31, 2020. d. Determine the amount of interest expense for the year December 31, 2020. 1. Chicken Cube Co. (CCC) has the following equity investment portfolio on December 31, 2018: Investment AAA Co. DDD Co. FFF Co. Totals Quantity 1000 shares 2000 shares 2000 shares Fair Value 126,000 63.000 216,000 405.000 Cost 120,000 45.000 180,000 315.000 During the year 2019. CCC purchased 2000 more shares of DDD Co and 1,000 shares of XXX Co. The company have decided to sell its 1000 shares of AAA Co for P116,400. The equity securities portfolio of COC for December 31, 2019 consisted of the following: Investment Quantity Fair Value Cost DDD Co. 2000 shares 60,000 45,000 DMD Co. 2000 shares 120,000 99,000 FFF Co. 2000 shares 66,000 216,000 XXX Co. 1000 shares 36,000 48.000 Totals 282,000 408,000 During 2020, CCC sold 4000 shares of DDD Co. for P117.900 and goo shares of XXX Co. at a loss of P8,000. On December 31, 2020, CCC equity investment portfolio consisted of the following: Investment Quantity Fair Value Cost FFF Co. 2000 shares 246,000 216.000 XXX Co. soo shares 18.000 24.000 Totals 264.000 240,000 Requirements: a. What amount should be reported as unrealized gain or loss in 2018? b. What is the gain or loss on the sale of AAA Co. investment? c What amount should be reported in the income statement for the year a 2019? d. What should be reported as loss on sale of trading securities in 2020? e. What amount should be reported in the income statement for the year a 2020? 2. On June 30, 2017, Angkong Company purchased 30% of the outstanding ordinary shares of A Co. at a total cost of P2, 200,000. The book value of A Co's net assets on acquisition date was 7,100,000. For the following reasons, Angkong was willing to pay more than book value for the AA Costock A. Co owns a tract of land with a market value of P800,000 more than its carrying amount. AA Co. has depreciable assets with a market value of P180,000 more than their book value. These assets have a remaining useful life of 5 years. . All other identifiable tangible and intangible assets of AA Co. have current fair values that are equal to their carrying amounts MA Co. reported net income of P1,260,000, carned evenly during the current year ended December 31, 2017. Also in the current year, it dedared and paid cash dividends of P315,000 to its ordinary shareholders. Market value of AA Co's ordinary shares at December 31, 2017, is P9.500,000. Angkong Company's financial year-end is December 31. Requirements: a. Compute for the total amount of goodwill of M Co. based on the price paid by Angkong Company. b. Compute for the amount of investment revenue that Angkong should report on its income statement for the year ended December 31, 2017, under the equity method. c. Compute for the amount of investment revenue that Angkong should report on its income statement for the year ended December 31, 2017, under the cost method. d. The carrying value of the Angkong's investment in ordinary shares of A Co. on December 31, 2017, should be