On January 2, 2017, Bangs Company purchased equipment costing P1,500,000. The estimated useful life of the equipment is 8 years with est. residual value of P50,000. The company is using straight-line method of depreciation. On January 1, 2021, Bangs decided to reclassify this equipment as "held for sale". The Fair value less costs to sell of the said equipment as of this date is determined to be P700,000. On December 31, 2021, the fair value less costs to sell of the held for sale equipment amounts to P800,000. How much recovery of impairment loss is recognized on December 31, 2021?

On January 2, 2017, Bangs Company purchased equipment costing P1,500,000. The estimated useful life of the equipment is 8 years with est. residual value of P50,000. The company is using straight-line method of depreciation. On January 1, 2021, Bangs decided to reclassify this equipment as "held for sale". The Fair value less costs to sell of the said equipment as of this date is determined to be P700,000. On December 31, 2021, the fair value less costs to sell of the held for sale equipment amounts to P800,000. How much recovery of impairment loss is recognized on December 31, 2021?

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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