Reference no: EM132526246
Maria Corporation acquired a building for 20,000,000 on January 1, 20x1. The costs of repairs and renovations before the building was occupied amounted to 1,000,000. The building was estimated to have a useful life of 40 years and a residual value of 2,000,000. Maria Corporation uses the straight line method of depreciation.
The building was tested for impairment on January 1, 20x6. On this date the recoverable amount was determine to be 15,000,000. The initial estimates of residual value remained unchanged. On January 1, 20x8, the building was revalued and determined to have a fair value of 23,000,000.
Requirements:
Question a. Compute for the amount recognized in profit or loss on January 1,20x8.
Question b. Compute for the amount recognized in other comprehensive income and accumulated in equity on January 1, 20x8.
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