Assignment Detail

Tutors

How much is the carrying amount of the building

    Assignment Instructions

    Assignment ID: FG133136084

    Question – On December 31, 2022, Villar Co. classified its building with a carrying amount of P5,000,000 and fair value less costs to sell of P4,650,000 as held for sale. Impairment loss of P350,000 was recognized on that date. The building has a remaining useful life of 5 years and it was depreciated using the straight-line method.

    As of December 31, 2023, the building was not yet sold and management decided not to sell the building anymore. The fair value less cost to sell of the building on December 31, 2023 is P4, 100,000 while the value in use is P4,010,000.

    How much is the carrying amount of the building upon reclassification back to property, plant and equipment?

    Need fresh solution to this Assignment without plagiarism?? Get Quote Now

    Expert Answer

    Asked by: Anonymous
    Plagiarism Checked
    Answer Rating:
    4.6/5

    Plagiarism free Answer files are strictly restricted for download to the student who originally posted this question.

    Related Assignments

    //
    Our customer support team is here to answer your questions. You can send Assignments directly to support team.
    👋 Hi, how can I help?