with solutions po thank you 1. Emman Company purchased for 8,000,000 cash and assumed an existing 2,000,000 mortgage, including an appraiser fee of 100,000, a building, and land on which it is located. The land had an appraised value of 4,500,000 and an original cost of 3,000,000. The building had an appraised value of 7,500,000 and an original cost of 7,000,000. What is the total cpat of the land? 2. On January 1, 209, Marjo Company purchased for 4,800,000 a machine with a useful life of ten years and a residual value of 300,000. The machine was depreciated by the double declining balance and the carrying amount of the machine was 3,072,000 on December 31, 2020. The entity changed to the straight line method on January 1, 2021. The residual value did not change. What is the carrying amount of the machine as December 31, 2021? 3. The audit of junior company for the year ended December 31,2020 was completed on March 1,2021.The financial statements were sign by the managing director March 15,2021 and approved by the shareholders on March 31,2021.The entity's issued share capital comprised 100,000 ordinary share with P100 par value per share.The entity issued additional 250,000 share on March 1,2021 par value. What amount is to be adjusted in the financial statements by the event after the reporting period? 2. Andrei Company was incorporated on January 1, 2017. In preparing the financial statements for the year ended December 31, 2020, the entity used the following original cost and useful life for the property, plant and equipment: Original Cost Useful Life Building 20,000,000 15 years Machinery 15,000,000 10 years Furniture 5,500,000 7 years On January 1, 2021, the entity determined the property, plant and equipment had a useful life of 10 years for the building, 7 years for the machinery and 5 years for the furniture, from the date of acquisition. The entity used the straight line method of depreciation with no residual value. What is the total depreciation for 2021? 3.Emman Company purchased for 8,000,000 cash and assumed an existing 2,000,000 mortgage, including appraiser fee of 100,000, a building and a land on which it is located. The land had an appraised value of 4,500,000 and original cost of 3,000,000. The building had an appraised value of 7,500,000 and original cost of 7,000,000. What is the total cost of the land? 4. On January 1, 209, Marjo Company purchased for 4,800,000 a machine with a useful life of ten years and a residual value of 300,000. The machine was depreciated by the double declining balance and the carrying amount of the machine was 3,072,000 on December 31, 2020. The entity changed to the straight line method on January 1, 2021. The residual value did not change. What is the carrying amount of the machine as December 31, 2021? 5.The audit of JR Company for the year ended December 31, 2020 was completed on March 1, 2021.The financial statements were sign by the managing director March 15, 2021 and approved by the shareholders on March 31, 2021. The entity's issued share capital comprised 100,000 ordinary share with P100 par value per share. The entity issued additional 250,000 share on March 1, 2021 par value. What amount is to be adjusted in the financial statements by the event after the reporting period? 6. Renvir Company made the following acquisitions during the year: Purchased a new machine on an installment payment basis. A down payment of 200,000 was made and 5 monthly installments of 200,000 are to be made at the end of each month. The cash equivalent price of the machine was 1,000,000. The entity incurred and paid installation cost amounting to 50,000 Exchanged an old packing machine which cost 1,500,000 and was 40% depreciated, for another used machine and paid a cash difference of 200,000. The fair value of the old packing machine was determined to be 1,000,000 What is the total amount to be capitalized as a cost of machinery? 7. Andrei Company was incorporated on January 1, 2017. In preparing the financial statements for the year ended December 31, 2020, the entity used the following original cost and useful life for the property, plant and equipment: Original Cost Useful Life Building 20,000,000 15 years Machinery 15,000,000 10 years Furniture 5,500,000 7 years On January 1, 2021, the entity determined the property, plant and equipment had a useful life of 10 years for the building, 7 years for the machinery and 5 years for the furniture, from the date of acquisition. The entity used the straight line method of depreciation with no residual value. What is the carrying amount of Machinery as of December 31, 2021? 8. Maorie acquired machinery with a total prize of 5,000,000 subject to a 10% trade discount and a 5% cash discount which was not taken. Cost of freight and insurance during shipment were 70,000 and installation cost amounted to P150,000.What is the total increase in the equipment account as a result of the transaction? 9. Jean Company and Kristine Company are fuel distributors. To facilitate the delivery of oil to their customers, Jean and Kristine exchanged ownership of 1,200 barrels of oil without physically moving the oil. Jean paid Kristine 500,000 to compensate for a difference in the grade of oil. It is expected that the cash flows from the assets will be significantly different. On the date of the exchange, carrying amount and market value of the oil were: Kristine Company Jean Company Carrying amount 1,000,000 1,400,000 Market Value 1,200,000 1,500,000 What amount should Jean Company record as cost of the oil inventory received in exchange