I have the answer to the accounting assignment below I just want someone to look over it and check it I want to make sure if the answers are correct before I can submit it Please help me with this QUESTION We are providing you with the balance sheet of a Spanish company at the end of the year The company carried out its accounting according to the PGC 2007 You have to analyse each of the items and specify which group of the Chart of Accounts they belong to and the specific coding that corresponds to it according to the Chart of Accounts of the General Accounting Plan to each entry Once all the accounts have been coded, create the closing entry for the company Based on the International Accounting Standards, solve the following exercises IAS 16 Fixed Assets We are a graphic arts company, and at the beginning of 2016, we acquired a new printer The price of this printer was 25,000 euros The additional expenses of the purchase were as follows Installation and assembly 3 000 euros Transportation and delivery 1 150 euros All operations have a 21 VAT (not included), and the payment of the amounts is made by bank check During January, the assembly and installation of the new printer takes place, which is in perfect working condition from February the 1st The useful life expectancy of the printer is estimated at 10 years, and its amortisation will be carried out following the linear method Additionally, at the end of its useful life, the company will have to face the costs of dismantling and rehabilitation of the place Estimating said costs in 5,000 euros Besides, said machinery requires specialised weekly maintenance, amounting to 250 euros per month Calculate The initial cost of the acquisition The amortization fees The costs derived from daily maintenance IAS 36 Impairment of assets We are a photo studio, and due to the increase in work and staff, we have had to acquire three new cameras and accessories The acquisition occurred in January 2018 The prices of the cameras are as follows Camera 1 1 750 euros Camera 2 3 500 euros Camera 3 1 950 euros Accessories 4 550 euros Calculate The impairment loss of the asset at the end of 2020, taking into account that the recoverable amount of the acquisitions is Camera 1 575 euros Camera 2 1 500 euros Camera 3 750 euros Accessories 2 200 euros IAS 38 Intangible Assets On March 1, 2016, we obtained a patent for 7,500 euros At the close of the fiscal year, on December 31, 2016, the fair value of the patent was 9,000 euros As of December 31, 2017, the fair value of the patent stands at 8,000 euros The criterion we use for valuation after the initial recognition of the asset is the revaluation model Formulate Make the accounting entries corresponding to the acquisition of the asset and at each accounting close ANSWER IAS 16 Fixed Assets Initial acquisition cost Acquisition cost (purchase price additional direct expenses relative to acquisition) (Depreciation amortization taxes impairment costs) (25,000 3 00 1 150) (122) 24,882 15 Amortization fees total interest amount period in the debt's life Interest amount 24,882 15 5000 (250 12) 16,882 15 period in the debt's life 10 years Amortization fee 1688 215 The costs derived from daily maintenance 250 12 10 30000 The costs derived from daily maintenance 30,000 IAS 36 Impairment of assets Impairment loss of Camera 1 Carrying cost RecoverablA2 G23e amount 1 750 575 (748 25) Impairment loss of Camera 2 Carrying cost Recoverable amount 3 500 1 500 2 Impairment loss of Camera 3 Carrying cost Recoverable amount 1 950 750 (748 05) Impairment loss of Accessories Carrying cost Recoverable amount 4 550 2 200 2 350 ASSETSLIABILITIESNon current assetsNet equityIntangible fixed assets Equity capital Industrial Propriety40 500 E Capital Social3 000 000 ECumulative depreciation II 5 000 E Legal reserve348 180 ETangible fixed assets Profit and Loss158 810 EConstructions3 900 000 EICT Equipment 9 000 E Non current liabilityFurniture70 000 E Long term debtsTransport35 000 E Long term debt to institutions 710 000 ECumulative depreciation IM 122 000 ECurrent liabilityCurrent AssetShort term debtsStock Short term debts to institutions 38 000 EGoods62 000 E Suppliers200 000 EImpairment loses 1 150 E Creditors3 560 EDebtors Clients236 200 EShort Term investmentsShort term investments (shares)9 000 ELiquidity Banks225 000 ETOTAL ASSETS4 458 550 E TOTAL LIABILITIES4 458 550 E

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I have the answer to the accounting assignment below. I just want someone to look over it and check it. I want to make sure

I have the answer to the accounting assignment below. I just want someone to look over it and check it. I want to make sure if the answers are correct before I can submit it. Please help me with this.

QUESTION:

We are providing you with the balance sheet of a Spanish company at the end of the year. The company carried out its accounting according to the PGC 2007. You have to analyse each of the items and specify which group of the Chart of Accounts they belong to and the specific coding that corresponds to it according to the Chart of Accounts of the General Accounting Plan to each entry.

Once all the accounts have been coded, create the closing entry for the company.

Based on the International Accounting Standards, solve the following exercises:

IAS 16. Fixed Assets. We are a graphic arts company, and at the beginning of 2016, we acquired a new printer. The price of this printer was 25,000 euros. The additional expenses of the purchase were as follows:

Installation and assembly: 3.000 euros.
Transportation and delivery: 1.150 euros.

All operations have a 21% VAT (not included), and the payment of the amounts is made by bank check.

During January, the assembly and installation of the new printer takes place, which is in perfect working condition from February the 1st.

The useful life expectancy of the printer is estimated at 10 years, and its amortisation will be carried out following the linear method. Additionally, at the end of its useful life, the company will have to face the costs of dismantling and rehabilitation of the place. Estimating said costs in 5,000 euros. Besides, said machinery requires specialised weekly maintenance, amounting to 250 euros per month.

Calculate:

The initial cost of the acquisition.
The amortization fees.
The costs derived from daily maintenance.

IAS 36. Impairment of assets. We are a photo studio, and due to the increase in work and staff, we have had to acquire three new cameras and accessories. The acquisition occurred in January 2018. The prices of the cameras are as follows:

Camera 1: 1.750 euros
Camera 2: 3.500 euros
Camera 3: 1.950 euros
Accessories: 4.550 euros

Calculate:

The impairment loss of the asset at the end of 2020, taking into account that the recoverable amount of the acquisitions is:
Camera 1: 575 euros
Camera 2: 1.500 euros
Camera 3: 750 euros
Accessories: 2.200 euros

IAS 38. Intangible Assets. On March 1, 2016, we obtained a patent for 7,500 euros.

At the close of the fiscal year, on December 31, 2016, the fair value of the patent was 9,000 euros.

As of December 31, 2017, the fair value of the patent stands at 8,000 euros.

The criterion we use for valuation after the initial recognition of the asset is the revaluation model.

Formulate:

Make the accounting entries corresponding to the acquisition of the asset and at each accounting close.

ANSWER:

IAS 16. Fixed Assets.

Initial acquisition cost=

Acquisition cost = (purchase price + additional direct expenses relative to acquisition) - (Depreciation + amortization + taxes + impairment costs)

= (25,000+ 3.00+1.150) - (122) = €24,882.15

Amortization fees = total interest amount/period in the debt's life

Interest amount= 24,882.15-5000- (250*12) = 16,882.15

period in the debt's life= 10 years

Amortization fee= €1688.215

The costs derived from daily maintenance=

250*12*10

30000

The costs derived from daily maintenance= €30,000

IAS 36. Impairment of assets

Impairment loss of Camera 1 = Carrying cost - RecoverablA2:G23e amount

= €1.750 - €575= €(748.25)

Impairment loss of Camera 2 = Carrying cost - Recoverable amount

= €3.500 - €1.500

= €2

Impairment loss of Camera 3 = Carrying cost - Recoverable amount

= €1.950 - €750

= €(748.05)

Impairment loss of Accessories = Carrying cost - Recoverable amount

= €4.550 - €2.200

= €2.350

ASSETSLIABILITIESNon-current assetsNet equityIntangible fixed assets:Equity capital:Industrial Propriety40.500 E Capital Social3.000.000 ECumulative depreciation II-5.000 E Legal reserve348.180 ETangible fixed assets:Profit and Loss158.810 EConstructions3.900.000 EICT Equipment.9.000 E Non-current liabilityFurniture70.000 E Long-term debtsTransport35.000 E Long-term debt to institutions.710.000 ECumulative depreciation IM-122.000 ECurrent liabilityCurrent AssetShort-term debtsStock:Short-term debts to institutions.38.000 EGoods62.000 E Suppliers200.000 EImpairment loses-1.150 E Creditors3.560 EDebtors:Clients236.200 EShort-Term investmentsShort-term investments (shares)9.000 ELiquidity:Banks225.000 ETOTAL ASSETS4.458.550 E TOTAL LIABILITIES4.458.550 E