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The Delap Company accounts for non-current assets using the cost model. On 25, April 2016, Delap classified a non-current asset as held for sale in accordance with PFRS5. At that date the asset's carrying amount was 32,000, its fair value was estimated at 22,000 and the cost to sell at 3,200. On May 15, 2016, the asset was sold for net proceeds of 17,400. In Delap's statement of comprehensive income for the year ended June 30, 2016: What amount should be included as an impairment loss? 10,000 13,200 13,600 Nil

The Delap Company accounts for non-current assets using the cost model. On 25, April 2016, Delap classified a non-current asset as held for sale in accordance with PFRS5. At that date the asset's carrying amount was 32,000, its fair value was estimated at 22,000 and the cost to sell at 3,200. On May 15, 2016, the asset was sold for net proceeds of 17,400. In Delap's statement of comprehensive income for the year ended June 30, 2016: What amount should be included as an impairment loss? 10,000 13,200 13,600 Nil

FINANCIAL ACCOUNTING
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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The Delap Company accounts for non-current assets using the cost model. On 25, April 2016, Delap classified a non-current asset as held for sale in accordance with PFRS5. At that date the asset's carrying amount was 32,000, its fair value was estimated at 22,000 and the cost to sell at 3,200. On May 15, 2016, the asset was sold for net proceeds of 17,400. In Delap's statement of comprehensive income for the year ended June 30, 2016: What amount should be included as an impairment loss? O 10,000 13,200 13,600 Nil
Transcribed Image Text:The Delap Company accounts for non-current assets using the cost model. On 25, April 2016, Delap classified a non-current asset as held for sale in accordance with PFRS5. At that date the asset's carrying amount was 32,000, its fair value was estimated at 22,000 and the cost to sell at 3,200. On May 15, 2016, the asset was sold for net proceeds of 17,400. In Delap's statement of comprehensive income for the year ended June 30, 2016: What amount should be included as an impairment loss? O 10,000 13,200 13,600 Nil
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