Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. paraiso companys accounting policy with respect to

Paraiso companys accounting policy with respect to investment properties is to measure them at fair...

70.2K

Verified Solution

Question

Accounting

Paraiso companys accounting policy with respect to investment properties is to measure them at fair value at the end of each reporting period. One of the investment properties was measured at 12,000,000 on Dec. 31, 2015. The property had been acquired on January 1, 2015 for a total of 11,400,000, made up of 10,350,000 paid to the vendor, 450,000 paid to the local authority as a property transfer tax and 600,000 paid to professional advisers. The useful life of the property is 40 years. What is the gain to be recognized for the year ended December 31, 2015 in respect of the investment property?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Gmail D2L Brightspace O TRIGONOMETRIC FUNCTIONS Coterminal angles Answer the following a Find an angle...

Basic Math
Q

Use a calculator to solve the equation on the interval 0 2 tan x 7...

Basic Math
Q

Nickel metal reacts with sulfuric acid in a redox reaction. In an experiment, 1.25g of nickel...

Chemistry
Q

Write and verify a behavioral Verilog model of J-K flip-flop with active-low asynchronous reset.

Electrical Engineering
Q

Describe what Debt is, how it affects cash flow and the risks to both the lender...

General Management
Q

Suppose that a decision-maker’s preferences over the set A={a, b, c} are represented by the payoff...

Advance Math
Q

Think of a company where “doing the right thing” and acting in the interests of broader...

General Management
Q

ideas view the Concept Maps resource Create a concept map for human tissue PLTW LABORATORY...

Biology
Q

the nature of surfaces in contact and on the area in contact does not depand...

Physics
Q

ge survey 22 of all students work full time Find the mean for the number...

Statistics
Q

Required information [The following information applies to the questions displayed below.] Tunstall, Incorporated,...

Accounting
Q

07:28 07:28

Finance