WITH SOLUTION /COMPUTATION 64.On December 31,2019, an entity sold a machine with useful life of 10 years to another entity andsimultaneously leased it back for two years at annual rental of P360,000. Sale price at fair value 3,600,000 Caryingamount 3,300,000 What amount of revenue from sale of the machine should be reported in 2019? 150,000 300,000 360,000 180,000
WITH SOLUTION /COMPUTATION 64.On December 31,2019, an entity sold a machine with useful life of 10 years to another entity andsimultaneously leased it back for two years at annual rental of P360,000. Sale price at fair value 3,600,000 Caryingamount 3,300,000 What amount of revenue from sale of the machine should be reported in 2019? 150,000 300,000 360,000 180,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
Problem 11P
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WITH SOLUTION /COMPUTATION
64.On December 31,2019, an entity sold a machine with useful life of 10 years to another entity andsimultaneously leased it back for two years at annual rental of P360,000.
Sale price at fair value 3,600,000
Caryingamount 3,300,000
What amount of revenue from sale of the machine should be reported in 2019?
- 150,000
- 300,000
- 360,000
- 180,000
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