On July 1, KAW Inc. purchased 75 cows which, at that time were 2.5 years old for a total cost of P1,350,000. On December 31, the cows gave birth to 15 calves. The following information on fair value less cost of disposal of biological assets is made available: (Refer to image) What amount of gain from biological assets will KAW Inc. report in its December 31 Income Statement?
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6. On July 1, KAW Inc. purchased 75 cows which, at that time were 2.5 years old for a total cost of P1,350,000. On December 31, the cows gave birth to 15 calves. The following information on fair value less cost of disposal of biological assets is made available: (Refer to image) What amount of gain from biological assets will KAW Inc. report in its December 31 Income Statement?
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- Problem 7-22 Adoption Expenses (LO 77) Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and is finalized in 2021. They pay $7,000 in 2020 and $7,500 in 2021 for qualified adoption expenses. In 2021, Carl and Jenny have AGI of $150,000. If required, carry any division out to four decimal places and round final answers to the nearest dollar. Question Content Area a. What is the adoption credit Carl and Jenny can claim in 2021? b. How much credit could they claim if their AGI was $221,660?Vol 0.00 LTE2 KB/s 3G 4G ll 23:35 G O 24 Problem 2: Honey Company has a herd of 10 2-year old animals on January 1, 2019. One animal aged 2.5 years was purchased on July 1, 2019 for P108, and one animal was born on July 1, 2019. No animals were sold or disposed during the year. The active market provided the following fair value less cost to sell: 2 - year old animal on January 1 2.5 – year old animal on July 1 New born animal on July 1 2 - year old animal on December 31 2.5 - vear old animal on December 31 100 108 70 105 11 New born animal on December I on 72 3 - year old animal on December 31 0.5 – year old animal on December 31 120 80 Required: 1. Prepare all indicated entries for the current year to recognize the transactions relating to the biological asset. 2. Indicate the financial statement presentation of the accounts related to the biological assets. 52 3. Determine the price change and physical change in fair value.Purchase Home Length of Time Purchase Home Rent Home 5 years 10 years 15 years Rent Home $78,559.20 $54,900.00 $127,118.40 $115,200.00 $175,677.60 $180,900.00 • Total 5-year cost: $30,000.00 +5 x 12 x $809.32 $78,559.20 • Total 10-year cost: $30,000.00 + 10 × 12 × $809.32 = $127,118.40 • Total 15-year cost: $30,000.00 + 15 × 12 × $809.32= $175,677.60 • Total 5-year cost: (4 × 12 × $900) + (1 × 12 × $975) = $54,900 • Total 10-year cost: (4 × 12 × $900) + (4 × 12 × $975) + (2 × 12 × $1050) = $115,200 • Total 15-year cost: (4 × 12 × $900) + (4 × 12 × $975) + (4 × 12 × $1050) + (3 × 12 × $1125) = $180,1900 Recall the pros and cons of buying a house and which conditions make it better to to purchase a home. Also, think abc the pros and of renting a house and which conditions make it better to rent. Use this information along with the total costs you found to answer the following prompts. Make sure to write your answer in complete sentences. • Does renting or purchasing makes the most sense…
- Problem 7-22 Adoption Expenses (LO 7.7) Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and is finalized in 2021. They pay $7,000 in 2020 and $7,500 in 2021 for qualified adoption expenses. In 2021, Carl and Jenny have AGI of $150,000. If an amount is zero, enter "0". If required, carry any division out to four decimal places and round final answers to the nearest dollar. a. What is the adoption credit Carl and Jenny can claim in 2021? 14,080 x Feedback b. How much credit could they claim if the adoption falls through and is never finalized? Feedback c. How much credit could they claim if their AGI was $221,660?Problem 7-22 Adoption Expenses (LO 7.7) Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and is finalized in 2021. They pay $7,000 in 2020 and $7,500 in 2021 for qualified adoption expenses. In 2021, Carl and Jenny have AGI of $150,000. If an amount is zero, enter "0". If required, carry any division out to four decimal places and round final answers to the nearest dollar. a. What is the adoption credit Carl and Jenny can claim in 2021? $ 13,810 b. How much credit could they claim if the adoption falls through and is never finalized? $4 c. How much credit could they claim if their AGI was $221,660? 8,7979850 A= 3750 -10% 1 2 3 7 8 9 10 year 3% per year 6% per year 9% per year Exercise: 1. Find Po
- CH9HW i Help Save & Exit Submit a. A friend of yours, Grace, wants to purchase a house in five years. To save for the house, Grace decides to deposit $140,000 in a savings account on January 1 of this year. The savings account will earn 8 percent annually. Any interest earned will be added to the fund at year-end (rather than withdrawn). b. At the end of each year, a different friend, Claire, plans to deposit $10,400 in a savings account. The account will earn 11 percent annual interest, which will be added to the fund balance at year-end. Claire will make her first deposit at the end of this year. (FV of $1, PV of $1, FVA ofB. Guided/Practice Activity one full rotation. 14 B. Guided Practice Activity Activity: Situation Your grandparents have decided to sell their real estate property in Labason, Zamboanga del Norte and they are planning to purchase an agriculture land in Titay, Zamboanga Sibugay. They posted an online advertisement for this. A week after, two offers came. Offer 1: P500,000 down payments plus P1,500,000 lump-sum payment 10 years from now. Offer 2: P500,000 down payments plus P12,500 per month for 10 years. Which among the two offers should your grandparents choose if the payments will have an interest of 12% compounded monthly? Find the fair market value of the two offers. Solution. Given: Offer 1: 500 1000 dann t. Offer 2: S00,000 donn payments T so0 g00 lumo SumMultiple Choice $110,000 Saved $120,000 Help TB MC Qu. 12-94 Using the "nonworking" spouse method, what should be the life ... Using the "nonworking" spouse method, what should be the life insurance needs for a family whose youngest child is 9 years old? Coursology. Save & Exit Subm Check my we.k
- Question 8 of 11 > -/ 1 View Policies Current Attempt in Progress Kimberly and Matthew want to begin saving for their baby's college education. They estimate that they will need $139000 in eighteen years. If they are able to earn 3% per annum, how much must be deposited at the end of each of the next eighteen years to fund the education? O $6387. O $5937. O $9704. O $10107. eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer I!!Age 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 (Single Life Expectancy) (For Use by Beneficiaries) Age 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 Life Expectancy 27.1 26.2 25.4 24.5 23.7 22.9 22.0 21.2 20.4 19.6 18.8 18.0 17.2 16.4 15.6 14.8 14.1 13.3 12.6 11.9 11.2 10.5 9.9 9.3 8.7 8.1 7.6 7.1 6.6 6.1 5.7 109 110 111 112 113 114 115 116 117 118 119 120+ Life Expectancy 5.3 4.9 4.6 4.3 4.0 3.7 3.4 3.2 3.0 2.8 2.6 2.5 2.3 2.2 2.1 2.1 2.1 2.0 2.0 2.0 2.0 2.0 1.9 1.9 1.8 1.8 1.6 1.4 1.1 1.0P Flag question A recent alumnus of your university gifted money to the school to fund annual scholarships for needy students. The school expects to earn an average rate of return of 6.5 percent and distribute $40,000 annually in scholarships. What was the amount of the gift? a. $260,000.00 b. $328,500.00 c. $615,384.62 d. $658,929.38 Clear my choice I|