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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 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. 7. How much is the impairment loss? a. 120,000 b. 20,000 c. 100,000 d. 0

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 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. 7. How much is the impairment loss? a. 120,000 b. 20,000 c. 100,000 d. 0

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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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 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. 7. How much is the impairment loss? a. 120,000 b. 20,000 c. 100,000 d. 0 Need the answer? Get it-with an explanation 5211 tutors online. Answers in as fast as 15 minutes.
Transcribed Image Text: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 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. 7. How much is the impairment loss? a. 120,000 b. 20,000 c. 100,000 d. 0 Need the answer? Get it-with an explanation 5211 tutors online. Answers in as fast as 15 minutes.
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