On October 1, 20X3, Builder Company has a building with a cost of P4,000,000 and accumulated depreciation of P3,100,000. The company commits to a plan to sell the building by February 1, 20X4. On October 1, 20X3, the building has an estimated selling price of P800,000 and it is estimated that selling costs associated with the disposal of the building will be P120,000. On December 31, 20X3, the estimated selling price of the building has increased to P1,200,000, with estimated selling costs remaining at P120,000.At the time of reclassification as held for sale, what amount should the noncurrent asset held for sale be recognized? a. 680,000 b. 780,000 c. 800,000 d. 900,000 *Refer to the problem above, What amount of loss should Builder Company recognize at the time the building was reclassified as held for sale? a. None b. 100,000 c. 120,000 d. 220,000 *Refer to the problem above, As of December 31, 20X3, what amount of gain on recovery should Builder Company recognize related to the asset held for sale? a. None b. 180,000 c. 220,000 d. 400,000
*On October 1, 20X3, Builder Company has a building with a cost of P4,000,000 and
a. 680,000
b. 780,000
c. 800,000
d. 900,000
*Refer to the problem above, What amount of loss should Builder Company recognize at the time the building was reclassified as held for sale?
a. None
b. 100,000
c. 120,000
d. 220,000
*Refer to the problem above, As of December 31, 20X3, what amount of gain on recovery should Builder Company recognize related to the asset held for sale?
a. None
b. 180,000
c. 220,000
d. 400,000
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