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How much is the carrying amount of the building

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    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?

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