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1)Which of the following is not a major characteristic of a plant asset? Select one: a

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1)Which of the following is not a major characteristic of a plant asset?

Select one:

a. Acquired for use.

b. The useful life is greater than one year.

c. Acquired for resale.

d. Possesses physical substance.

Clear my choice

The bonds should be classified as long-term debts.

Select one:

a. True.

b. False.

2)Palau Corporation had the follow amounts in its stockholders' equity section of its balance sheet at December 31, 2017 Ordinary share capital, P30 par, 85,000 shares authorized, 30,000 issued and outstanding P 900,000 Ordinary share premium 350,000 Accumulated profits 300,000 Total stockholder's equity ? 1,550,000 During 2018, the following transactions relating to equity occurred March 1 Issued 8,000 ordinary shares at P35 April 1 3,000 ordinary shares were reacquired at P28 June 1 3,000 ordinary shares were reacquired at P 33 September 1 1,800 treasury shares were sold at P 30 October 1 1,000 treasury shares were sold at P 26
Assume the treasury stocks were accounted using the cost method and sale was accounted using FIFO method. Required: Determine the balances of the following at the end of the year: (1) Share Premium - Ordinary Shares = (2) Share Premium - Treasury Shares = (3) Treasury Shares = (4) Total Shareholder's Equity =