on december 31, 2020, villa company classified as held for sale an equipment with carrying amount of 5,000,000. on this date, the equipment is expected to be sold for 4,600,000. disposal cost is expected at 200,000. on december 31, 2021, the equipment had not been sold and management after considering its options decided to place back the equipment into operations. on december 31, 2021, the entity estimated that the nguinmont is nynoctod to ho cold

on december 31, 2020, villa company classified as held for sale an equipment with carrying amount of 5,000,000. on this date, the equipment is expected to be sold for 4,600,000. disposal cost is expected at 200,000. on december 31, 2021, the equipment had not been sold and management after considering its options decided to place back the equipment into operations. on december 31, 2021, the entity estimated that the nguinmont is nynoctod to ho cold

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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Nona Co. purchased land worth P20,000,000 on January 1, 2021. The company uses the revaluation model in accounting for its PPE. On December 31, 2021, an independent appraiser valued the land at P43,000,000. But on December 31, 2022, the land had a fair value of P8,000,000. How much revaluation deficit/impairment loss should be recognized in the income statement on December 31, 2022? (No need to put "+" or "", just place absolute value)
please answer all parts within 30 minutes...
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