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Determine which is an adjusting event

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Question 1: KE Company reporting period ended on June 30, 2019 and the financial statements were issued on September 15, 2019. Which of the following is an adjusting event?

Option 1: The fair value of land was P750,000 at June 30, 2019. On July 31, this valuation was reduced to P650,000 due to council re-zoning.

Option 2: The construction of new office premises was in progress at the end of the reporting period and was completed on August 15, 2019.

Option 3: On July 25, 2019, LMO signed a contract to sell its existing office premises for P1,500,000 for which settlement is expected to be on September 25, 2019.

Option 4: A court case was in progress at the end of the reporting period which was finalized on September 13, 2019 and damages were awarded against the entity.

Reference no: EM132524643

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