On December 31, 2021, the fair value was estimated at On June 30, 2021, the fair value was estimated at P3,300,000 Abba Company accounted for noncurrent assets using the At that date, the carrying amount was P2,900,000 and the revaluation model. On June 30, 2021, the entity classified a Problem 6-3 (IFRS) land as held for sale. P200,000. balance of the revaluation surplus was and the cost of disposal at P200,000. p2 350 .000 and the cost of disposal at P250,000.

On December 31, 2021, the fair value was estimated at On June 30, 2021, the fair value was estimated at P3,300,000 Abba Company accounted for noncurrent assets using the At that date, the carrying amount was P2,900,000 and the revaluation model. On June 30, 2021, the entity classified a Problem 6-3 (IFRS) land as held for sale. P200,000. balance of the revaluation surplus was and the cost of disposal at P200,000. p2 350 .000 and the cost of disposal at P250,000.

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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Happy Inc. accounted for noncurrent assets using the revaluation surplus model. On October 1, 2021, the entity classified a land as held for sale. At that date, the carrying amount of the land was P5,000,000 and the balance in the revaluation surplus was P1,500,000. At same date, the fair value of the land was estimated at P5,500,000 and the cost of disposal at P100,000. On December 31, 2021, the fair value less cost of disposal of the land did not change. The land was sold on January 31, 2022 for P6,000,000. What is the adjusted carrying amount of the land on December 31, 2021? A. 5,400,000B. 5,300,000C. 5,200,000D. 3,500,000
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