Required: Indicate the differences in accounting treatment under IFRS and under US GAAP for the following situations as of December 31, 2022: 2. Property, plant, and equipment The company acquired a building at the beginning of 2021 with the following information: -Cost of $2,750,000 -Estimated useful life of 25 years -The estimated residual value of $250,000 -It is depreciated using the straight-line method. At the beginning of 2022, the market value of the building was $3,250,000. There is no change in residual value or estimated useful life.
Required: Indicate the differences in accounting treatment under IFRS and under US GAAP for the following situations as of December 31, 2022: 2. Property, plant, and equipment The company acquired a building at the beginning of 2021 with the following information: -Cost of $2,750,000 -Estimated useful life of 25 years -The estimated residual value of $250,000 -It is depreciated using the straight-line method. At the beginning of 2022, the market value of the building was $3,250,000. There is no change in residual value or estimated useful life.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Required: Indicate the differences in accounting treatment under IFRS and under US GAAP for the following situations as of December 31, 2022:
2. Property, plant, and equipment The company acquired a building at the beginning of 2021 with the following information:
-Cost of $2,750,000 -Estimated useful life of 25 years
-The estimated residual value of $250,000
-It is
At the beginning of 2022, the market value of the building was $3,250,000. There is no change in residual value or estimated useful life.
Please dont provide answer in an image format thank you
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