E11.18 (LO3) Presented below is information related to equipment owned by Pujols SpA at December 31, 2019. (PAGE 894) Cost Accumulated depreciation to date Value-in-use €9,000,000 1,000,000 7,000,000 Fair value less cost of disposal 4,400,000 Assume that Pujols will continue to use this asset in the future. As of December 31, 2019, the equipment has a remaining useful life of 4 years. Instructions a. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2019. Carrying amount (Book Value) = Cost - Accumulated Depreciation

E11.18 (LO3) Presented below is information related to equipment owned by Pujols SpA at December 31, 2019. (PAGE 894) Cost Accumulated depreciation to date Value-in-use €9,000,000 1,000,000 7,000,000 Fair value less cost of disposal 4,400,000 Assume that Pujols will continue to use this asset in the future. As of December 31, 2019, the equipment has a remaining useful life of 4 years. Instructions a. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2019. Carrying amount (Book Value) = Cost - Accumulated Depreciation

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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ABC has an asset that was classified as held for sale at 31 March 2019. The asset had a carryingamount of P900 and a fair value of P800. The cost of disposal was estimated to be P50.According to PFRS 5 Non-current Assets Held for Sale and Discontinued Operations, whichvalue should be used for the asset as at 31 March 2019? * P750 P800 O P850 P900
35 The BB Company accounts for non-current assets using the revaluation model. On 30 June 2019 BB classified a freehold property as held for sale in accordance with PFRS5. At that date the property's carrying amount was P290,000 and the balance on the revaluation reserve was P20,000. At that date its fair value was estimated at P330,000 and the costs to sell at P20,000. At 31 December 2019 the property's fair value was estimated at P325,000 and the costs to sell at P25,000. If the asset was sold for a net proceeds of P285,000 in 2020, what amount should be included as loss on disposal in the entity's statement of comprehensive income for the year ended 31 December 2020?
What amount of gain on reversal of impairment loss should be recognized in 2020?
i need the answer quickly
The carrying amount of the intangible assets as of December 31,2020 is A) 7,400,000 B) 9,000,000 C) 9,070,000 D) 8,850,000
On January 1. 2019. ABC Company classified PPE as held for sale that had a carrying amount of P 2,600.000. On this date. the assets are expected to be sold for P 2.400.000. Reasonable disposal cost to be incurred upon sale was expected at P 100.000. Asof December 31, 2019. the asset had not been sold, After considering its options, management decided to put back the noncurrent asset for use in operations. On that date, ABC's financial managers estimated the noncurrent asset was now expected to be selling at P 2.500.000 with disposal cost of P 50,000 while depreciation for 2019 was computed at P 400,00 if the noncurrent asset was not classified as held for sale. At how much should the asset be recorded upon reclassification as PPE on December 31, 2019? 2,200,000 O 2,500,000 O 2,000,000 O 1,750,000
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3. What amount should be recognized as gain on reclassification of the equipment in 2023? * Problem A. Clara Company purchased equipment for P5,000,000 on January 1, 2021 with a useful life of 10 years and no residual value. On December 31, 2022, the entity classified the asset as held for sale. The fair value of the equipment on December 31, 2022 is P3,300,000 and the cost of disposal is P100,000. On December 31, 2023, the fair value of the equipment is P3,800,000 and the cost of disposal is P200,000. On December 31, 2023, the entity believed that the criteria for classification as held for sale can no longer be met. Accordingly, the entity decided not to sell the assets but to continue to use it. Your answer
On december 31 2021, an equipment was classified as held for sale. Its fair value less cost to sell was 6,000,000 while the equipments carrying value on this date was 5,800,000. At what amount will current assets increqse due to this transaction?
As at 31 December 2020, Lambda Ltd’s property in its statement of financial position was: Property at cost (useful life 15 years) $4,500,000 Accumulated depreciation $600,000 On 1 July 2021, Lambda Ltd decided to sell the property. The property is being marketed by a property agent at a price of $4,200,000, which was considered a reasonably achievable price at that date. The expected costs to sell have been agreed at $100,000. Recent market transactions suggest that actual selling prices achieved for this type of property in the current market conditions are 10% less than the price at which they are marketed. At 31 December 2021 the property has not been sold. At what amount should the property be reported in Lambda Ltd’s statement of financial position as at 31 December 2021? $3,600,000 $3,750,000 $3,680,000 $4,200,000
E8-7 (Algo) Recording Depreciation and Repairs (Straight-Line Depreciation) LO8-2, 8-3 (The following information applies to the questions displayed below) Hulme Company operates a small manufacturing facility as a supplement to its regular service activities. At the beginning of 2020, an asset account for the company showed the following balances: Hanufacturing equipnent Accumulated depreciation through 2019 $ 150, 100 48, 300 During 2020, the following expenditures were incurred for the equipment Major overhaul of the equipment on January 2, 2800, that inproved efficiency Routine malntenance and repairs on the equipnent $ 15,000 1, 00 The equipment is being depreciated on a straight-ane basis over an estimated ife of 19 years with a $19.000 estimated residual value. The annual accounting period ends on December 31 E8-7 Part 3 Required: 3. Prepare the journal entries to record the two expenditures during 2020. (f no entry is required for a transaction/event, select "No journal entry…