,vt i.

Lt\,r
l.,ii'i $1t{ffiv
J".' iolTii5
F*r.i 174:-
-t01\fiq
26. How much is the unrealized gain/loss that shoulcl be reported in OCI for the year 2O14?
;{1rt'r$
fr.
\: a. 2eo,ooo c. t5'7,3L3
164,895 lc-:*g'tO' .7^;'
b. 161,104 d,
;c\i lt1t,
)" l4qq{i', _ - /.T ( I
Aguinaldo Company has the following properfy items at Deceinbet 31,7017:

n-,0 Land which at the date of acquisition isjQ!- ,i , . ..

J I intended for any specific use in ihe tl$aal'hq.t jI
future P1,0O0,000
{Pf r-ano held for future plant stle - lM.l'lltivP 2,ooo,o0o
-T.) Building in process of constructio+i{9aded-
-/ -\\ ' . ro be reaseo unoeiadieg!fu9*J] f.r;. t-'IlJn g,0o0,0oo
rtlNlYrjf ffi ,z'ff{ip Bu i ldi n g bei ng leased out u rtder$gelggl[gp
g lea sed u n der operati n g leases
2,500,000
1,500,000
WeSUtgfnel5Uein
no t *o?l;'i
tos-'u 13":'3; fi: :lf,fl :'Iil'ff:;ii
and administrative, headquarter 9,2O0,OOO
-Eiliitlifr
r'1 tnu\Co n d o m n u'ifr !-th6'f s be n g co n st rtr cte d
rlu'{ j intended for sale in the ordinary cou!-se Qr business
' I i i i

5,0oo,ooo
i trri . ]nryfiq\ Bu i d n g co n structed o n otiila tF6l'6$ u'[iart1
I i 4,500,000
-i-O Building being leased out underQpqraHdlcase, an tMlitr er r fft-
tn
insigoificant portion is used for administrative purposes 'r\''
u- I
-}\ 6,oo0,0oo
Property interest in a building leased from Emiljo Corp-.
'-.t-\
\ that is beinq subleased to others from which s'91f'gl9 -
-2 \ .ent-ai-incom-eG denved 3,500,000
t?( xotur uuiiZGg6ffi which significant services are provrded
to the guests 7,000,000
..rhr*
,-,F,'- How much should be classified asglesrlllr€glpqgpedies at Dec. 3t, zdt',
\,,' - -27.
- a. 1,00O,0O0 ' r
-- b. 9,o00,ooo '

c. 10,5O0,000
d. 24,2OO,OO0 .\
On January 2, 2A77, Quirino Company has a building that is being leased out under operat_ing-lease costing P2,OOO,OOO. The lessee
pays a seDI:anOUa[rent of P9O,000. Estimated useful iife of the building is 1O years. On December 31,2Ot7, the fair value of the
p ro perti-is P2,400,000.

28. How much is the total net amount olineqnogthat should be taken to 2O17
model?
J. .p. 280,000 i.157,313
n rer,roa d i64,895

On January 2, 2OO5, Estrada Company converted its owner-crccupi at fair

value. The carrying value of the property in the compalfrE6dkFG

i ,,. Assuming the fair value of the property on the date of transfer or conversion is
should recognize
a. A P600,000 unrealized gain in the income statement
r_ .
I^,
PSr1OOrOOO, Estrada Company

)-
irl
,1";
b. A P600,000 unrealized gain in OCI - ,

c. A P6OO,0OO unrealized gain in Retained earnings 'if,

d. A P6OO,OO0 revaluation surplus N)
'an'i
On January 1,2OL7, Tahoma Company purchased several rnachi-nerires,that will be used in the production of goods-ala purchase
price of PI,OOO,OO0. rarrooa-co{npany paid 1lnLoll duties o( p_1O,qOl and non-refundable purchase
JgSs" of qSr_O-O}, Tahoma
company also incurred @9.-qgqjhstallation and assembly cos'..'TE-_e company expects that it will incur d-ismanflirffi-si amounting
tp P132,275;)t the end oFttre e-quipment's S-year useful life. The prevaiiinE market interest rate duringGJtriiiaction date was
iq.-otr:--
The present value factor of P1 at l2o/o for 5 periods is at 0.567.
The present value factor of ordinary annuity at 12olt, for 5 periods is at 3.6048

How much should the l{achineries be initially recognized?

,]., so' a. 1,045,000 b. L,177,275 c. 1,120,000 d. 1,52t,825

On February L, 2077 , Lucida Company tradec, in an olcl rnachine with a bo-ok value ofqQplOfor a similar new machine having a cash
price of,.P35rQ00-and a list price of P40,000. Lucida paid PL5,999 as a result of trade-in. The fair value of the asset given up is-no!
detgrminf,ule -qbbshA
fna t9 dolers.
f)' 31. How much is thelqin_or los,s from the trade in transaction?
a. non-e b. 2,000 c. 7.000 d. 17,000
\ra,\'