Milan compress coreviews

The property, plant and equipment section ofYes the Blessings Corporation’s balance sheet at December 31, 2007 include the following items:

Dismantling Dismantling cost cost of of the the machine machine 10,000 10,000 (3)(3) Repair cost of the machine damaged while in the proRepair cost of the machine damaged while in the processcess of installationof installation

(2) 6. Payment to real estate agent 40,000 (2) 7. Registration fees and transfer of title 13,000 (2) 8. Title insurance 15,000 (2) 9. Real Property taxes on the land accrued after acquisition - - - (4) 10. Cost of shrubs, trees, and other landscaping 53,000 (3) 11. Unpaid real property taxes up to the date of acquisition 14,000 (2) 12. Driveway, parking bay, and safety lighting 19,000 (3) 13. Payment for claim for injuries not covered by insurance -

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Milan compress cosale

Based on the above data, determine the adjusted cosBased on the above data, determine the adjusted cost of the following:t of the following:

DESCRIPTION DESCRIPTION MACHINERY MACHINERY OTHERSOTHERS NOTESNOTES Purchase Purchase price price including including VAT VAT 1,400,000 1,400,000 (1)(1) Cost Cost of of water water device device to to keep keep machine machine cool cool 8,000 8,000 (2)(2) Cost Cost of of safety safety rail rail and and platform platform surrounsurrounding ding machine machine 12,000 12,000 (2)(2) InstallatioInstallation n cost, cost, including including site site preparatiopreparation n and and assembling assembling 20,000 20,000 (2)(2) Fees paid to consultants for advice on acquisition Fees paid to consultants for advice on acquisition of theof the machinerymachinery 13,00013, (2)(2)

On March 1, 2018,On March 1, 2018,Levy Co Co., acquired land and building by paying, acquired land and building by paying₱₱ 6,000,000 and assuming a 6,000,000 and assuming a mortgage ofmortgage of₱₱ 1,500,000. The building will be used by Levy Co. a 1,500,000. The building will be used by Levy Co. as its head office its head office.

NFCPAR- Auditing ProblemsNFCPAR- Auditing Problems Solution Solution Guide Guide Property, Property, Plant, Plant, and and EquipmentEquipment

NFCPAR- Auditing ProblemsNFCPAR- Auditing Problems Solution Solution Guide Guide Property, Property, Plant, Plant, and and EquipmentEquipment

Milan compress cowholesale

In partial fu In partial fulfillment lfillment of the reqof the requirements uirements in Auditing in Auditing and Assuraand Assurance Servnce Services (ACices (ACCM 451)CM 451)

Invoice cost of machinery acquired 8,000, Freight, unloading and delivery charges 240, Customs duties and other charges 560,

Loss Loss on on premature premature retirement-olretirement-old d machine machine 18,000 18,000 (4)(4) Other Other non-refundable non-refundable Sales Sales tax tax 13,000 13,000 (1)(1) Cost Cost of of training training for for personnel personnel who who will will use use the the machinmachine e 25,000 25,000 (4)(4) TOTALTOTAL 1,476,000 1,476,000 48,00048,

Cash paid on purchase of land ₱ 10,000, Mortgage assumed on the land bought, including interest at 16% 16,000, Realtor’s commission 1,200, Legal fees, realty taxes and documentation expenses 200, Amount paid to relocate persons squatting on the property 400, Cost of tearing down an old building on the land 300, Amount recovered from the salvage of the building demolished 600, Cost of fencing the property 440, Amount paid to contractor for the building erected 8,000, Building permit fees 50, Excavation expenses 250, Architect’s fee 100, Interest that would have been earned had the money used during the  period of construction been invested in the money market

CASE NO NO –  –  Assume that on the date of acquisition, the land a Assume that on the date of acquisition, the land and building have fair values ofnd building have fair values of ₱₱ 6,000,000 and6,000,000 and ₱₱ 2,000,000 respectively. 2,000,000 respectively.