An entity accounts for non-current assets using the revaluation model. On 30 June 2020, theentity classified two items of non-current assets as held for sale in accordance with PFRS5. Thefollowing information relates to these assets:Asset 1Asset 2Carrying amount beforeclassification as held forsaleP400,000 P300,000Revaluation surplus beforeclassification as held forsale60,00030,000Fair value, 30 June 2020450,000260,000Estimated costs to sell20,00012,000The 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, theentity classified two items of non-current assets as held for sale in accordance with PFRS5. Thefollowing information relates to these assets:Asset 1Asset 2Carrying amoubeforeclassification as held forsaleP400,000 P300,000Revaluation surplus beforeclassification as held forsale60,00030,000Fair value, 30 June 2020450,000260,000Estimated costs to sell20,00012,000The total expense to be recognized in profit or loss related to these assets is

Carrying amount remeasured immediately before classification as held for sale as per applicable…

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 sale P400,000 P300,000 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

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 sale P400,000 P300,000 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

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 17P: On December 31, 2019, Vail Company owned the following assets: Vail computes depreciation and...

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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 sale P400,000 P300,000 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 total expense to be recognized in profit or loss related to these assets is
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An entity classified a noncurrent asset accounted for under the costmodel as held for sale at the current year-end. The entity decided at theend of the following year not to sell the asset but to continue to use it. Theasset should be measured at the end of the following year at A. The lower of carrying amount and recoverable amountB. The higher of carrying amount and recoverable amountC. The lower of carrying amount on the basis that it had never been classified as held forsale and recoverable amountD. The recoverable amount
Background: On December 31, 2021, Company A purchased acquired various assets from Company B as follows:and assumed liabilities does not meet the definition of a business under ASC 805.UmbrellaTableLemon squeezerThe books and records of Company B value these assets at December 31, 2021 as followsUmbrella $100Table $50Lemon squeezer $150Company B determined the fair value for these assets on January 1, 2022 to be as follows:Umbrella $80Table $20Lemon squeezer $100On December 31, 2021, Company A paid $350 for these assets. Question How should the acquired asset be valued and reflected on Company A's books on January 1, 2022? US GAAP standards used: ASC_____,EY FRD Business Combinations, p. Methodology applied: Calculation: Findings: Conclusion:
Topic: Non-Current Assets Held for Sale and Discontinued Operations 15. Which of the following shall be recognized by the entity in its 20x3 financial statements? Held for ale asset Impairment loss a. P1,100,000 P450,000 b. P1,000,000 P350,000 c. P750,000 P250,000 d. P0 P350,000 16. Requirement: Provide the journal entry on December 31, 20x3.
Please explain how 820 000 derive.
Topic: Non-Current Assets Held for Sale and Discontinued Operations 13. Which of the following shall be recognized by the entity in its 20x2 financial statements? Held for ale asset Impairment loss a. P700,000 P100,000 b. P650,000 P100,000 c. P650,000 P150,000 d. P0 P100,000 13. Requirement: Provide the journal entry on December 31, 20x2.
At what amount should the revaluation surplus be reported on December 31, 2022 in the statement of changes in equity?
An entity acquired an investment in equity instrument for P800,000 on 31 March 2020. The direct acquisition costs incurred were P140,000. On 31 December 2020 the fair value of the instrument was P1,100,000 and the transaction costs that would be incurred on sale were estimated at P120,000. If the investment is designated as FA@FVTOCI, what gain would be recognized in the financial statements for the year ended 31 December 2020?
7. What is the amount of revaluation surplus on December 31, 2021? A. 600,000 B. 700,000 C. 800,000 D. 0 E. None of them
Topic: Non-Current Assets Held for Sale and Discontinued Operations 11. Which of the following shall be recognized by the entity in its 20x4 financial statements? a. Property, plant and equipment for P400,000 b. Property, plant and equipment for P1,000,000 c. Noncurrent asset held for sale for P950,000 d. Noncurrent asset held for sale for P1,000,000 18. Requirement: Provide the journal entry on December 31, 20x4.
Complete the Form 4562 using the following information provided. Himple RetailFixed Asset Rollforward12/31/2019(book basis) DEPR COST 2017 2018 2019 ACCUM NET BOOK ASSET IN SERVICE METHOD LIFE BASIS DEPR DEPR DEPR DEPR VALUE CASH REGISTER 2/15/2017 SL 5 9,900.00 1,815.00 1,980.00 1,980.00 5,775.00 4,125.00 2017 TOTAL ADDITIONS 9,900.00 1,815.00 1,980.00 1,980.00 5,775.00 4,125.00 RETAIL FIXTURES 10/12/2018 SL 7 4,750.00 169.64 678.57 848.21 3,901.79 FURNITURE 10/12/2018 SL 7 3,900.00 139.29 557.14 696.43 3,203.57 2018 TOTAL ADDITIONS 8,650.00 - 308.93 1,235.71 1,544.64 7,105.36 TOTAL 18,550.00 1,815.00 2,288.93 3,215.71 7,319.64 11,230.36 DELIVERY TRUCK 6/1/2019 SL 5 37,500.00 4,375.00 4,375.00 33,125.00 DESK AND CABINETRY 6/1/2019 SL 7 11,900.00 991.67 991.67 10,908.33 COMPUTER 6/1/2019 SL 5 2,800.00 326.67 326.67 2,473.33 2019 TOTAL ADDITIONS 52,200.00 - - 5,693.34 5,693.34 46,506.66 TOTAL…