with carrying amount of P1,000,000 as noncurrent asset held for sale. All the conditions in PFRS 5 are met. The fair value of the equipment is P1,000,000 and the costs to sell are P50,000. 9. At the start of the year, Ancing Corp. classified its equipment with carrying amount of P1,000,000 as noncurrent asset hela for sale. All the conditions in PFRS 5 are met. The fair value of the equipment is P1,000,000 and the costs to sell are P50.00 Ancing had expected this decline to reverse in the third quarter, and in fact, the third quarter recovery exceeded the previous decline by P10,000. Ancing's noncurrent asset held for sale did not experience any other declines in value durine the fiscal year. What amounts of loss and/or gain should Ancing report in its interim financial statements for the firs and third quarters? First quarter Third quarter a. 0. 10,000 gain 50,000 gain 60,000 gain b. 50,000 loss 50,000 loss С. d. (Adapted)
with carrying amount of P1,000,000 as noncurrent asset held for sale. All the conditions in PFRS 5 are met. The fair value of the equipment is P1,000,000 and the costs to sell are P50,000. 9. At the start of the year, Ancing Corp. classified its equipment with carrying amount of P1,000,000 as noncurrent asset hela for sale. All the conditions in PFRS 5 are met. The fair value of the equipment is P1,000,000 and the costs to sell are P50.00 Ancing had expected this decline to reverse in the third quarter, and in fact, the third quarter recovery exceeded the previous decline by P10,000. Ancing's noncurrent asset held for sale did not experience any other declines in value durine the fiscal year. What amounts of loss and/or gain should Ancing report in its interim financial statements for the firs and third quarters? First quarter Third quarter a. 0. 10,000 gain 50,000 gain 60,000 gain b. 50,000 loss 50,000 loss С. d. (Adapted)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:with carrying amount of P1,000,000 as noncurrent asset held
for sale. All the conditions in PFRS 5 are met. The fair value of
the equipment is P1,000,000 and the costs to sell are P50,000.
9. At the start of the year, Ancing Corp. classified its equipment
with carrying amount of P1,000,000 as noncurrent asset hela
for sale. All the conditions in PFRS 5 are met. The fair valye et
the equipment is P1,000,000 and the costs to sell are P50.00
Ancing had expected this decline to reverse in the third
quarter, and in fact, the third quarter recovery exceeded the
previous decline by P10,000. Ancing's noncurrent asset held
for sale did not experience any other declines in value during
the fiscal year. What amounts of loss and/or gain should
Ancing report in its interim financial statements for the first
and third quarters?
First quarter
Third quarter
a.
10,000 gain
50,000 gain
60,000 gain
b.
С.
50,000 loss
d.
50,000 loss
(Adapted)
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