On January 1. 2019. ABC Company classified PPE as held for sale that had a carrying amount of P2,600.000. On this date. the assets are expected to be sold for P 2.400.000. Reasonable disposal costto be incurred upon sale was expected at P 100.000.Asof December 31, 2019. the asset had not been sold, After considering its options, managementdecided to put back the noncurrent asset for use in operations. On that date, ABC's financial managersestimated the noncurrent asset was now expected to be selling at P 2.500.000 with disposal cost of P50,000 while depreciation for 2019 was computed at P 400,00 if the noncurrent asset was notclassified as held for sale.At how much should the asset be recorded upon reclassification as PPE on December 31, 2019?2,200,000O 2,500,000O 2,000,000O 1,750,000

Here the concept is on Held for sale for PPE. The Standard dealing with the current situation is Ind…

Answered: At how much should the asset be…

Business

Accounting

At how much should the asset be recorded upon reclassification as PPE on December 31, 2019?

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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