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An entity accounts for non-current assets using the revaluation model. On 30 June 2020, the entity classified two items of non-current assets as held for sale in accordance with PFRS5, The following information relates to these assets: Asset 1 Asset 2 Carrying amount before classification as held for P400,000 P300,000 sale Revaluation surplus before classification as held for sale 60,000 30,000 Fair value, 30 June 2020 450.000 260,000 Estímated costs to sell 20,000 12,000 The net amount to be recognized in other comprehensive income related to these assets is

An entity accounts for non-current assets using the revaluation model. On 30 June 2020, the entity classified two items of non-current assets as held for sale in accordance with PFRS5, The following information relates to these assets: Asset 1 Asset 2 Carrying amount before classification as held for P400,000 P300,000 sale Revaluation surplus before classification as held for sale 60,000 30,000 Fair value, 30 June 2020 450.000 260,000 Estímated costs to sell 20,000 12,000 The net amount to be recognized in other comprehensive income related to these assets is

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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An entity accounts for non-current assets using the revaluation model. On 30 June 2020, the entity classified two items of non-current assets as held for sale in accordance with PFRS5. The following information relates to these assets: Asset 1 Asset 2 Carrying amount before classification as held for P400,000 P300,000 sale Revaluation surplus before classification as held for sale 60,000 30,000 Fair value, 30 June 2020 450,000 260,000 Estimated costs to sell 20,000 12.000 The net amount to be recognized in other comprehensive income related to these assets is
Transcribed Image Text:An entity accounts for non-current assets using the revaluation model. On 30 June 2020, the entity classified two items of non-current assets as held for sale in accordance with PFRS5. The following information relates to these assets: Asset 1 Asset 2 Carrying amount before classification as held for P400,000 P300,000 sale Revaluation surplus before classification as held for sale 60,000 30,000 Fair value, 30 June 2020 450,000 260,000 Estimated costs to sell 20,000 12.000 The net amount to be recognized in other comprehensive income related to these assets is
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