Hwang Corporation has engaged in a number of expenditures relating to a land acq

Question

Hwang Corporation has engaged in a number of expenditures relating to a land acquisition for a future plant. For each of the following, indicate whether you as the auditor of Hwang Corporation would proposed adjusting entry. Assume all transactions are material.

Yes-indicates a proposed adjusting entry is necessary.

No-indicated no proposed adjusting entry is necessary.

Situation

a. Hwang purchased land for a new plant that it intends to construct. A portion of the cost was a commission paid to a real estate agent.

Explanation / Answer

Ignatius Hwang has significant experience in different legal systems and business cultures in the Middle East and Asia Pacific, particularly China, India, Southeast Asia and Australia. He advises governments and sponsors on strategic, legal, commercial and risk issues relating to public-private partnership projects (PPP) and in connection with the development, acquisition, financing, construction and operation of energy, infrastructure and resources projects.

His transactional experience, particularly acquisitions and project financing, includes deal structuring, due diligence, and drafting and negotiation of development, acquisition, fuel supply and power purchase agreements, engineering, procurement and construction (EPC) contracts and operation and maintenance (O&M) contracts. He has been heavily involved in and has helped shaped development of the PPP projects market in Singapore.

Power Projects

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