24. The entity has the following asset during the year Building 5,000,000 Land 2,000,000 Equipment 3,000,000 Total 10,000,000                 The value

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A: When company owns land and building classified as investment property and company uses the fair…

Q: On December 31, 2020, Stars Company reported the follouing nformation involving its biological…

A: Biological assets :       Among the various types of assets in the company's balance sheet, a…

Q: Please provide correct solution

A:

Q: Pro a land as held for sale. On December 31, 2021, the fair value less cost of disposal of the land…

A: Impairment loss can be calculated as :- Recoverable amount - carrying amount  Recoverable…

Q: Attractions, buildings & equipment, at cost 64,892,000 62,111,000 58,589,000 55,238,000 54,043,000…

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Q: 21. Coldspring Company purchased Freshwater Company's net assets and assigned them to tw separate…

A: The excess of a company's purchase price over the fair value of the identifiable intangible as well…

Q: December 31, 2020, the Shell Corp, a publicly accountable entity found that a CGU had possible…

A: Impairment loss arises when carrying value is greater than Recoverable amount

Q: Which option is correct please solve this qustion

A: Fair market value of equipment received  $40,000.00 Add: Cash Received    10,000.00 Total…

Q: Impairment of a CGU ✰✰ Bow Ltd reported the following assets in its statement of financial position…

A: The first step is to calculate the carrying amount of the assets. The carrying amount is the…

Q: I needed help with B C and D Impairment entry should it be 6,000?

A: a. To compute the amount of goodwill to be recorded on the date of acquisition, we subtract the fair…

Q: Assume Riverbed Manufacturing Company purchased land, a building, and some equipment on July 31,…

A: The land, building and equipment are record under the property, plant and equipment under the…

Q: 2. ABC Ltd acquired a property on 1 January 2004 at a cost of 4 GH¢00,000 and immediately occupied…

A: Introduction:- A journal entry is the act of recording or keeping track of any financial or…

Q: Assume that the company used Fair value model (FVM), do the necessary entries at the end of 2008,…

A: As per relevant IFRS on 'Impairment of Assets' , Carrying amount of an Assets shall not be more than…

Q: 17. The entity incurred the following in exploring a natural resources on January 1,2021…

A: Depletion is kind of similar expense of depreciation, in the case of depreciation the reduction in…

Q: Inspector Gadget Ltd has a policy of writing off development expenditure to the Income Statement as…

A: Intangbible assets do not have a physical existence. Expenses related to research and development…

Q: am.123.

A: The first step is to calculate the carrying amount of the assets. The carrying amount is the…

Q: 3.Fill in the blanks on the following like-kind exchanges Adjusted basis of old asset a. b. C. d. e.…

A: Answer:-  Realized gain meaning:- When an investment is sold for more than it cost to buy it, a…

Q: 8. Brown Company uses fair value model for its investment property. At December 31, 2021, the…

A: As per IAS – 40, an investment property will be a land or a building or part of a building or both…

Q: lued amount 80 (13.3) 66.7 Plant and equipment, at cost 100 (16

A: Impairment loss is the result of decline in the fair market value of an  asset than its…

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A: Option (C) P1,700,000 is correct.

Q: ABC Company reported three items in its Investment Property category, with the following details:…

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Q: Select the most correct answer:   A vehicle, which is classified as property plant and equipment…

A: Impairment of assets refers to a reduction in the value of an asset, typically a long-term asset,…

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A:

Q: Tremendous Company is involved in the exploration for mineral resource. The accounting policy to…

A: EXPLORATION ASSETS ARE EXPENDITURE INCURRED BY AN ENTITY AFTER IT HAS OBTAINED LEGAL RIGHTS FOR THE…

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A: Organizations that run a business, incur some costs and expenses. Companies have to categorize this…

Q: gain (loss) on the transfer

A: Gain (loss) on the transfer of investment property = Fair value on the date of transfer - Carrying…

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A: If a company has investment property and such investment property are remeasured at fair value on…

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Q: On 30 June 2021, Wheel Ltd opted to adopt the revaluation model to measu land. According to AASB116,…

A: Answer:-  AASB 116:- It is the accounting standard relating to the "Property, Plant &…

Q: Determine whether there is any goodwill impairment and if so please calculate the goodwill…

A: When the book value or previously recorded value of the goodwill of any entity is lower than the…

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A: All biological asset be initially recorded in the books at the fair value less the cost to less of…

Q: Assume that the following asset group has been deemed impaired by $500,000 (as a group).…

A: Post-Impairment Carrying Value (PICV) is a term used in accounting to describe the remaining value…

Q: What should be the carrying value of goodwill for reporting unit A at year - end? What should be the…

A: The objective of the question is to determine the carrying value of goodwill for reporting units A…

Q: An asset that cost $20,000 and has accumulated depreciation of $17,000 is sold for $4,000. This sale…

A: Gain from Sale:When we sell an asset there will sometimes be gain or loss incurred for calculating…

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A: Impairment loss arises when the recoverable amount of asset is less than the carrying value of the…

Q: A fixed asset with a cost of $25,974 and accumulated depreciation of $23,377 is traded for a similar…

A: Correct option is $38742

Q: Me Company owns land and building being used for its operations. Data relating to the land and…

A: Lets understand the basics. As per IAS 40 "Investment property", investment property can be…

Q: Jade Bhd. has a policy of writing off development expenditure to profit or loss as it was incurred.…

A: The question is based on the concept of Financial Accounting.