The Phoenix Company accounts for non-current assets using the revaluation On 30 June 2020 Phoenix classified a non-current asset as held for sale in accordance with PFRS5. At that date the property's carrying amount was P300,000 and the balance on the revaluation reserve was P30,000. Fair value was estimated at P280,000 and the costs to sell at P20,000. The value in use is not determinable. The asset is still unsold at 31 December 2020. What amount should be included in the entity's statement of profit or loss for the year ended 31 December 2020?
The Phoenix Company accounts for non-current assets using the revaluation On 30 June 2020 Phoenix classified a non-current asset as held for sale in accordance with PFRS5. At that date the property's carrying amount was P300,000 and the balance on the revaluation reserve was P30,000. Fair value was estimated at P280,000 and the costs to sell at P20,000. The value in use is not determinable. The asset is still unsold at 31 December 2020. What amount should be included in the entity's statement of profit or loss for the year ended 31 December 2020?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The Phocnix Company accounts for non-current assets using the revaluation On 30 June 202o Phoenix classified a non-current asset as held for sale in accordance with
PFRS5. At that date the property's carrying amount was P300,000 and the balance on the revaluation reserve was P30.000. Fair value was estimated at P280,000 and the
costs to sell at P20.000. The value in use is not determinable. The asset is still unsold at 31 December 2020. What amount should be included in the entity's statement of
profit or loss for the year ended 31 December 2020?
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