Question

Sorocaba Ltda, sold a building to Banco Janeiro on January 1, 2017, for 245.000 reals and then leased it back under a 10-year

0 0
Add a comment Improve this question Transcribed image text
Answer #1

ANSWER

Requirement a SOROCABA LTD. (1) Under IFRS Debit Credit General Journal Date (reais) (reais) 1-Jan-17 Cash 245,000 Building

Requirement b SOROCABA LTD. Debit Credit General Journal Date (reais) (reais) 49,770 Gain on Sale 31-Dec-17 49,770 Deferred

_____________________________________________

If you have any query or any Explanation please ask me in the comment box, i am here to helps you.please give me positive rating.

*****************THANK YOU**************

Add a comment
Know the answer?
Add Answer to:
Sorocaba Ltda, sold a building to Banco Janeiro on January 1, 2017, for 245.000 reals and...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Sorocaba Ltda. sold a building to Banco Janeiro on January 1, 2017, for 201,000 reais and...

    Sorocaba Ltda. sold a building to Banco Janeiro on January 1, 2017, for 201,000 reais and then leased it back under a 10-year lease agreement, which is accounted for as an operating lease. The building had a carrying amount of 159,400 reais and a fair value of 201,000 reais on the date of sale. Assume that a foreign company using IFRS is owned by a company using U.S. GAAP. Thus, IFRS balances must be converted to U.S. GAAP to prepare...

  • Sorocaba Ltda. sold a building to Banco Janeiro on January 1, 2017, for 231,000 reais and...

    Sorocaba Ltda. sold a building to Banco Janeiro on January 1, 2017, for 231,000 reais and then leased it back under a 10-year lease agreement, which is accounted for as an operating lease. The building had a carrying amount of 184,600 reais and a fair value of 231,000 reais on the date of sale. Assume that a foreign company using IFRS is owned by a company using U.S. GAAP. Thus, IFRS balances must be converted to U.S. GAAP to prepare...

  • Sorocaba Ltda. sold a building to Banco Janeiro on January 1,2017, for 250,000 reais and then...

    Sorocaba Ltda. sold a building to Banco Janeiro on January 1,2017, for 250,000 reais and then leased it back under a 10-year lease agreement, which is accounted for as an operating lease. The building had a carrying amount of 198,300 reais and a fair value of 250,000 reais on the date of sale. Assume that a foreign company using IFRS is owned by a company using U.S. GAAP. Thus, IFRS balances must be converted to U.S GAAP to prepare consolidated...

  • Sorocaba Ltda, sold a building to Banco Janeiro on January 1, 2017, for 221,000 reais and...

    Sorocaba Ltda, sold a building to Banco Janeiro on January 1, 2017, for 221,000 reais and then leased it back under a 10-year lease agreement, which is accounted for as an operating lease. The building had a carrying amount of 174,300 reais and a fair value of 221,000 reais on the date of sale. Assume that a foreign company using IFRS is owned by a company using U.S. GAAP. Thus, IFRS balances must be converted to U.S. GAAP to prepare...

  • Sorocaba Ltda. sold a building to Banco Janeiro on January 1, 2017, for 224,000 reais and...

    Sorocaba Ltda. sold a building to Banco Janeiro on January 1, 2017, for 224,000 reais and then leased it back under a 10-year lease agreement, which is accounted for as an operating lease. The building had a carrying amount of 183,100 reais and a fair value of 224,000 reais on the date of sale. Assume that a foreign company using IFRS is owned by a company using U.S. GAAP. Thus, IFRS balances must be converted to U.S. GAAP to prepare...

  • Rawl Corporation sold a building to a bank at the beginning of 2017 at a gain...

    Rawl Corporation sold a building to a bank at the beginning of 2017 at a gain of $82,500 and immediately leased the building back for a period of four years. The lease is accounted for as an operating lease. The book value of building inet) is 5507000 Assume that a US-based company is issuing securities to foreign investors who require financial statements prepared in accordance with IFRS. Thus, adjustments to convert from US GAAP to IFRS must be made. Ignore...

  • Rawl Corporation sold a building to a bank at the beginning of 2017 at a gain...

    Rawl Corporation sold a building to a bank at the beginning of 2017 at a gain of $82,000 and immediately leased the building back for a period of four years. The lease is accounted for as an operating lease. The book value of building (net) is $525,000. Assume that a U.S.-based company is issuing securities to foreign investors who require financial statements prepared in accordance with IFRS. Thus, adjustments to convert from U.S. GAAP to IFRS must be made. Ignore...

  • Rawl Corporation sold a building to a bank at the beginning of 2017 at a gain...

    Rawl Corporation sold a building to a bank at the beginning of 2017 at a gain of $82,000 and immediately leased the building back for a period of four years. The lease is accounted for as an operating lease. The book value of building (net) is $525,000. Assume that a U.S.-based company is issuing securities to foreign investors who require financial statements prepared in accordance with IFRS. Thus, adjustments to convert from U.S. GAAP to IFRS must be made. Ignore...

  • Surat Limited paid cash to acquire an aircraft on January 1, 2017, at a cost of 31,640,000 rupees. The aircraft has an e...

    Surat Limited paid cash to acquire an aircraft on January 1, 2017, at a cost of 31,640,000 rupees. The aircraft has an estimated useful life of 40 years and no salvage value. The company has determined that the aircraft is composed of three significant components with the following original costs (in rupees) and estimated useful lives: Component Cost Useful Life Fuselage 10,100,000 40 years Engines 16,500,000 30 years Interior 5,040,000 20 years 31,640,000 The U.S. parent of Surat does not...

  • Harrington Company was sued by an employee in late 2017. General counsel concluded that there was...

    Harrington Company was sued by an employee in late 2017. General counsel concluded that there was an 80 percent probability that the company would lose the lawsuit. The range of possible loss is estimated to be $20,000 to $70,000, with no amount in the range more likely than any other. The lawsuit was settled in 2018, with Harrington making a payment of $60,000. Assume that a U.S.–based company is issuing securities to foreign investors who require financial statements prepared in...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT