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MODAUD2

Quiz 1
Answer Key

True/False
1 B
2 A
3 B
4 B
5 B
6 B
7 B
8 B
9 B
1
0 A

Multiple Choice
1 B
2 A
3 D
4 C
5 B
6 A
7 A
8 D
9 B
1
0 D

Problem Solving
1 2,000,000.00

NONE. Because the increase in the fair value is not recognized under the cost
2 model.

3 FV at December 31, 2012 55,000,000

Cost-January 1, 2012 (50,000,000)


Gain from change in FV in 2012 5,000,000

4 Land held by E for undetermined use 5,000,000


A vacant building owned by E and to be leased out under an operating lease 3,000,000
Building owned by a subsidiary of E and for which the subsidiary provides security and
maintenance 1,500,000
Property under construction for use as investment property 6,000,000
Total consolidated investment property 15,500,000

OR
5 Land held by E for undetermined use 5,000,000 5,000,000.00

A vacant building owned by E and to be leased out under an operating lease 3,000,000 3,000,000.00
Land leased by E to a subsidiary 2,500,000

Property under construction for use as investment property 6,000,000 6,000,000.00

Total investment property of E 16,500,000 14,000,000.00

6 Separate IP 16,500,000.00 14,000,000.00


FV on date
(15,000,000.00) (15,000,000.00)

Loss 1,500,000.00 (1,000,000.00)

7 same as 6

8 CV as of December 31, 2013 (5M / 10 years x 8) 4,000,000.00

Recoverable amount as of December 31, 2012 (3.3m - 100k) 3,200,000.00

LCNRV 3,200,000.00

9 Cost 5,000,000.00

Accumulated depreciation (1,500,000.00)

CV 3,500,000.00

we use the lower between carrying amount depreciated as if it was not held for sale and its recoverable amount of
P3,600,000

10 CV 3,500,000.00

CV per book (3,200,000.00)

Gain 300,000.00

11 Revenue-1/1 to 12/31 50,000,000.00


Expenses - 1/1 to 12/31
(37,000,000.00)

Termination cost (4,000,000.00)

Income before tax 9,000,000.00

Income tax (30% x P9M) (2,700,000.00)

Income from discontinued operation 6,300,000.00

12 NCAFS (lower than CV of P56,500,000) 56,000,000.00

13 Zero

14 Cost of patent (150k + 50k + 40k) 240,000.00

Purchased patent from combination 250,000.00

Total 490,000.00

15 Purchase of special equipment 1,800,000


Research salaries and fringe benefits 200,000
Cost of testing protoype 250,000
Research and development 2,250,000

16 Acquisition cost 6,000,000

Net assets acquired at fair value (3,300,000)


Goodwill 2,700,000

17 Cumulative earnings 5,500,000

Expropriation gain (500,000)


Adjusted cumulative earnings 5,000,000
Divided by 5 years
Average earnings 1,000,000
Divide by capitalization rate 10%
Net assets including goodwill 10,000,000

Net assets before goodwill (7,500,000)


Goodwill 2,500,000

18 Patent 490,000.00

Trademark 600,000.00

Noncompete agreement 200,000.00

Goodwill 2,700,000.00

Total 3,990,000.00

19 Amortization of patent (P490,000/20) 24,500


Amortization of noncompetition agreement (P200,000/5) 40,000
Total amortization for 2013 64,500

PROBLEM 6
20 150,000 (180000)*(10/12)

21 - This is an owner-occupied property, not IP

22 40,000 (180k x 10 /12) - 900k / 10 - 20k)

23 - This is an owner-occupied property, not IP

PROBLEM 7

24 26,840,000

25 24,364,800

26 22,542,844

27 5,100,000

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