What amount should be included as loss on disposal in Rose statement of comprehensive income for the year ended December 31, 2020?

Q: Bramble Company's December 31, 2021 balance sheet reports assets of $13202000 and liabilities of…

A: Goodwill is defined as the portion of the purchase price that is greater than the sum of the net…

Q: Abba Company accounted for noncurrent assets using the revaluation model.On July 1, 2021, the entity…

A: As per IFRS 5 Assets held for sale shall be valued at lower of carrying value or fair market value…

Q: The Delap Company accounts for non-current assets using the cost model. On 25, April 2016, Delap…

A: The impairment loss included in the statement of comprehensive income amounts to the difference in…

Q: On January 1, 2020, MANNCorp. has an investment property that was carried at fair value with a…

A: 1 There will be no journal entry for these transfers but changes in disclosures would be made

Q: Briefly discuss why an intra-group sale of a non-current asset needs to be adjusted for within the…

A: An intra-group sale of a non-current asset needs to be adjusted for while preparing consolidated…

Q: At the beginning of the year 2019. Itlog Company has an investment property acquired at a cost of $…

A: At beginning of year 2019, Itlog company acquired property at cost = $2000000 Useful life of…

Q: On January 1, 2022, Villanueva Company classified noncurrent assets as held for sale that had a…

A: Introduction: A noncurrent asset is one that is not projected to be utilized within one year. If a…

Q: On September 1, 2019, Simon Corporation acquired Jumbo Enterprises for a cash payment of OMR…

A: For calculating good will, fair value of asset should be used. Book value of asset should be…

Q: Positivity Enterprises accounted for noncurrent assets using the revaluation model. On September 1,…

A: As per IFRS 5 Non current assets held for sale and discontinued operation The revaluation of asset…

Q: On December 31, 2021, the company exchanged old motor vehicles and RM48,000 for new motor vehicles.…

A: Since you have posted a question with multiple sub-parts, we will be solving the first three for…

Q: On January 1, 2022, Villanueva Company classified noncurrent assets as held for sale that had a…

A: Asset  classified as "held for use" means that the disposal of the asset will not take place and if…

Q: On November 1, 2018, Berry Corporation declared equipment as property dividend payable on February…

A: Before distribution of dividend in non cash form , asset should be brought to fair value through…

Q: The Phoenix Company accounts for non-current assets using the revaluation On 30 June 2020 Phoenix…

A: Recoverable amount = Fair value - costs to sell  = P280,000  - 20000 = P260,000

Q: On January 1, 2020, CullumberCorporation sold a building that cost $261,490 and that had accumulated…

A: Accumulated depreciation can be defined as the sum of total depreciation that is charged against the…

Q: On 30 June 2019, TIE Ltd acquired a machire for $180 000 cash, with an expected useful life of 9…

A:

Q: suns incorporated classified their buildings as held for sale on june 1, 2020. on this date, the…

A: Non-current assets are assets are assets other than current assets, i.e. assets usually having a…

Q: On October 31, 2020, Dylan Company declared its non-current asset (land) as a dividend with a…

A: Property Dividend A property dividend is a type of dividend that replaces cash or stock dividends by…

Q: On December 31, 2020, MECH COMPAY’S only building has a carrying amount of P1,350,000. The net…

A: Impairment loss=1350000-950000=400000

Q: Happy

A:

Q: Masa Khit Nha Company accounted for noncurrent assets using the revaluation model. On August 1,…

A: Here to discuss about the carrying value of the land in the revaluation model.  It is always taken…

Q: of P2,000,000 on Ju

A: Step 1 The total amount of expense that should be reported in the interim income statement ended on…

Q: Netsol Communication purchased equipment on January 1, 2018, for $27,500. Suppose Netsol…

A: Formula: Ending book value = Beginning book value - Accumulated  depreciation.

Q: Hindi Kho Kaya Corporation is using the cost model for noncurrent assets. On November 1, 2020, the…

A: As per IFRS 5, Non current assets held for sale and discontinued operations,  Specifies that an…

Q: Pearl Company accounts for noncurrent assets using the cost model. On October 30, 2012, the entity…

A: As per accounting standard PFRS 5, when an non current asset is classified as held for sale, thne…

Q: estimated disposal cost of P50,000. On January 10, 2022, the asse cost to sell amounting to P35,000.…

A: In case of non-current assets, classified as held for sale the value of assets would be recorded as…

Q: NATO Company accounted for noncurrent assets using the revaluation model. On July 1, 2021, the…

A: The equipment is measured at the fair value as on the date after deduction of costs if any.

Q: How much is the net effect of classifying NCAHS and reclassifying back to PPE on 2019 net income?…

A: Profit/Loss as a result of reclassification : Carrying amount asset held for sale - Carrying amount…

Q: An entity accounts for non-current assets using the revaluation model.  On 30 June 2020, the entity…

A: Fair value less cost to sale = Fair value of asset - Estimated cost to sale…

Q: Oriole Company's balance sheet at December 31, 2026 reports assets of $1054000 and liabilities of…

A: In  case one company overtake the assets and liabilities of another company, then accounting for…

Q: Crane Inc. owns assets to which it applies the revaluation model (asset-adjustment method). The…

A: To determine the adjusted December 31, 2024 balance in the related contra-asset account, we need to…

Q: On January 1, 2022, Villanueva Company classified noncurrent assets as held for sale that had a…

A: Noncurrent assets are long-term investments which will not be fully recognized until the following…

Q: The ABC Company accounts for non-current assets using the cost model. On July 20, 2021, ABC Company…

A: As per PFRS 5, Non-current assets are held for sale and discontinued operations, On classifying a…

Q: Omar Company owns a property which was revalued to $ 625,000 on 31 December 2018 with a revaluation…

A: From the info given in the question it seems that the company…

Q: On December 31, 2020, the entity classified as held for sale a machine with carrying amount of…

A: This question deals with the concept of impairment loss. As per IFRS 5, When carrying value of asset…

Q: am.106.

A: The objective of the question is to prepare journal entries for Sweet Acacia Limited to record asset…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.