On June 7, 2006, Hawk Corporation sold a tract of land for P70,000 that resulted in a P30,000 gain on the sale. Hawk agreed to accept one payment of P35,000 on August 15 and a second payment of P35,000 on December 15. Hawk had a calendar year-end. What amount of gain was reported during the second, third, and fourth quarters of the year from this sale? P30,000, P0 and P0. P10,000, P10,000 and P10,000. P0, P15,000 and P15,000. P7,500 for each of four quarters.

On June 7, 2006, Hawk Corporation sold a tract of land for P70,000 that resulted in a P30,000 gain on the sale. Hawk agreed to accept one payment of P35,000 on August 15 and a second payment of P35,000 on December 15. Hawk had a calendar year-end. What amount of gain was reported during the second, third, and fourth quarters of the year from this sale? P30,000, P0 and P0. P10,000, P10,000 and P10,000. P0, P15,000 and P15,000. P7,500 for each of four quarters.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 15DQ

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