Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
Blackboard EXCO Remaining Time: 1 hour, 58 minutes. 13 seconds, Question Completion Status CUHK Coro, owned a piece of land in New Territories and a
Blackboard EXCO Remaining Time: 1 hour, 58 minutes. 13 seconds, Question Completion Status CUHK Coro, owned a piece of land in New Territories and a high end Neuroscience and Electrophysiology research equipment at the beginning of 2019. The company chiese to use accounting Earl January 1, 2019 HK$1,500,000 December 31, 2019 1.350.000 December 31, 2020 1.550,000 December 31, 2021 1,400.000 The equipment was purchased on January 3, 2018 at a cost of HK$2.500.000 and estimated to be deprecated over 3 years with no residual value. The walue of the equipment on December 31, 2019. was measured to be $1.600.000 CUHK sold equipment on December 31, 2019. the relevant costs were estimated to be HK$200.000. A valuation showed that the equipment was expected to generate an annualet Income of HK$500.000 during 2020 2022 and would be disposed of for $160.000 at the end of 2002. An appropriate discount rate for this purpose was Required ta[26 points Complete the following table. Nos con highlight and use CTRE-Cond CTRL-V to copy and paste the below tobile to tertbar for answering) Prepare journal entries related to the land in 2012. 2020 and 2021 1. Prepare journal entries related to the sale of the land, assuming the land is sold for HK$5.500.000 on December 15, 2021 before the valuation of that year, impairment loss Other Comprehensive and Earning Date Land Fair value income Accumulated other Comprehensive income Blackboard EXCO Remaining Time: 1 hour, 58 minutes. 13 seconds, Question Completion Status CUHK Coro, owned a piece of land in New Territories and a high end Neuroscience and Electrophysiology research equipment at the beginning of 2019. The company chiese to use accounting Earl January 1, 2019 HK$1,500,000 December 31, 2019 1.350.000 December 31, 2020 1.550,000 December 31, 2021 1,400.000 The equipment was purchased on January 3, 2018 at a cost of HK$2.500.000 and estimated to be deprecated over 3 years with no residual value. The walue of the equipment on December 31, 2019. was measured to be $1.600.000 CUHK sold equipment on December 31, 2019. the relevant costs were estimated to be HK$200.000. A valuation showed that the equipment was expected to generate an annualet Income of HK$500.000 during 2020 2022 and would be disposed of for $160.000 at the end of 2002. An appropriate discount rate for this purpose was Required ta[26 points Complete the following table. Nos con highlight and use CTRE-Cond CTRL-V to copy and paste the below tobile to tertbar for answering) Prepare journal entries related to the land in 2012. 2020 and 2021 1. Prepare journal entries related to the sale of the land, assuming the land is sold for HK$5.500.000 on December 15, 2021 before the valuation of that year, impairment loss Other Comprehensive and Earning Date Land Fair value income Accumulated other Comprehensive income
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669078ca4383e_137669078c9c6aa2.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started