impairment of the operational value. P100,000 over an eight-year life. through December 31, 2024 is P200,000. through use of the machine for the period January 1, 2020 - The reasonable estimate of the amount expected to be recovered entity concluded that the machine suffered permanent During 2020, after issuing the 2019 financial statements, the On January 1, 2017, Roundabout Company purchased a machine for P800,000 and established an annual depreciation charge of impairment of the operational value. What should be reported as carrying amount of the machine on December 31, 2020?

impairment of the operational value. P100,000 over an eight-year life. through December 31, 2024 is P200,000. through use of the machine for the period January 1, 2020 - The reasonable estimate of the amount expected to be recovered entity concluded that the machine suffered permanent During 2020, after issuing the 2019 financial statements, the On January 1, 2017, Roundabout Company purchased a machine for P800,000 and established an annual depreciation charge of impairment of the operational value. What should be reported as carrying amount of the machine on December 31, 2020?

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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Question

through use of the machine for the period January 1, 2020
The reasonable estimate of the amount expected to be recovered
entity concluded that the machine suffered permanent
During 2020, after issuing the 2019 financial statements, the
for P800,000 and established an annual depreciation charge of
On January 1, 2017, Roundabout Company purchased a machine
P100,000 over an eight-year life.
impairment of the operational value.
through December 31, 2024 is P200,000.
What should be reported as carrying amount of the machine on
December 31, 2020?

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