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Use the following information for the next three questions: Entity A determines an indication that its investment property might be impaired. Entity A then gathers the following information: Carrying amount of investment property Fair value less costs to sell P1,000,000 900,000 880,000 Use the follow Entity A detern gathers the fol Carrying amou Fair value less Value in use Following the impairment, Entity A revises its estimate of residual value to 5% of the recoverable amount and the remaining useful life to 10 years. alue in use 7. How much is the impairment loss? Following the 120.000

Use the following information for the next three questions: Entity A determines an indication that its investment property might be impaired. Entity A then gathers the following information: Carrying amount of investment property Fair value less costs to sell P1,000,000 900,000 880,000 Use the follow Entity A detern gathers the fol Carrying amou Fair value less Value in use Following the impairment, Entity A revises its estimate of residual value to 5% of the recoverable amount and the remaining useful life to 10 years. alue in use 7. How much is the impairment loss? Following the 120.000

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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»artleby Q Search for textbooks, step-by-step explanations to homework questions,. Ask an Expert «A Library Use the following information for the next three questions: Entity A determines an indication that its investment property might be impaired. Entity A then gathers the following information: Carrying amount of investment property Fair value less costs to sell Value in use P1,000,000 900,000 Use the follow Entity A detern gathers the fol Carrying amou Fair value less Value in use 880,000 Following the impairment, Entity A revises its estimate of residual value to 5% of the recoverable amount and the remaining useful life to 10 years. 7. How much is the impairment loss? a. 120.000 b. 20.000 c. 100,000 d. 0 Following the i amount and th 7. How much a 120,00 b. 20,000 c. 100,00 d. 0 Need the answer? Get it-with an explanation • 5211 tutors online. Answers in as fast as 15 minutes. Need the answer? • 5211 tutors online. Al
Transcribed Image Text:»artleby Q Search for textbooks, step-by-step explanations to homework questions,. Ask an Expert «A Library Use the following information for the next three questions: Entity A determines an indication that its investment property might be impaired. Entity A then gathers the following information: Carrying amount of investment property Fair value less costs to sell Value in use P1,000,000 900,000 Use the follow Entity A detern gathers the fol Carrying amou Fair value less Value in use 880,000 Following the impairment, Entity A revises its estimate of residual value to 5% of the recoverable amount and the remaining useful life to 10 years. 7. How much is the impairment loss? a. 120.000 b. 20.000 c. 100,000 d. 0 Following the i amount and th 7. How much a 120,00 b. 20,000 c. 100,00 d. 0 Need the answer? Get it-with an explanation • 5211 tutors online. Answers in as fast as 15 minutes. Need the answer? • 5211 tutors online. Al
8. How much is the annual depreciation after the impairment? a. 85,500 b. 90,000 c. 85,000 d. 95,000 Need the answer? Get it-with an explanation • 5205 tutors online. Answers in as fast as 15 minutes. 9. Five years after the impairment, Entity A determines an indication that the impairment may no longer exist. Entity A makes the following estimates and computations: Fair value less costs to sell P800,000 Value in use P700,000 The investment property would have a carrying amount of P600,000 by now if no impairment loss had been recognized in the past. How much is the gain on the reversal of impairment? a. 125,000 b. 129,500 c. 127,500 d. 327,500
Transcribed Image Text:8. How much is the annual depreciation after the impairment? a. 85,500 b. 90,000 c. 85,000 d. 95,000 Need the answer? Get it-with an explanation • 5205 tutors online. Answers in as fast as 15 minutes. 9. Five years after the impairment, Entity A determines an indication that the impairment may no longer exist. Entity A makes the following estimates and computations: Fair value less costs to sell P800,000 Value in use P700,000 The investment property would have a carrying amount of P600,000 by now if no impairment loss had been recognized in the past. How much is the gain on the reversal of impairment? a. 125,000 b. 129,500 c. 127,500 d. 327,500
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