Dept. of Agriculture determines an indication that its investment property purchased on Jan.1 2005 might be impaired starting Jan. 1, 2008. The entity gathers the following information: Carrying amount of investment property P1,200,000 Fair value less cost to sell 990,000 Value in Use 800,000 Residual value 5% Following the impairment, DA revises its remaining useful life to 12 years. Compute for the following: a) Impairment loss b) Annual depreciation after the impairment

Dept. of Agriculture determines an indication that its investment property purchased on Jan.1 2005 might be impaired starting Jan. 1, 2008. The entity gathers the following information: Carrying amount of investment property P1,200,000 Fair value less cost to sell 990,000 Value in Use 800,000 Residual value 5% Following the impairment, DA revises its remaining useful life to 12 years. Compute for the following: a) Impairment loss b) Annual depreciation after the impairment

Name: Dept of Agriculture determines an indication that its investment prop
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Description: Dept of Agriculture determines an indication that its investment property purchased on Jan.1 2005 might be impaired starting Jan. 1, 2008. The entity gathers the followinginformation:Carrying amount of investment propertyP1,200,000Fair value less co

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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