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At 30 November 20X3, Joey carried a property in its statement of financial position at its revalued amount of $14 million in accordance with IAS 16, Property, Plant and Equipment. Depreciation is charged at $300,000 per year on the straight line basis. In March 20x4, the management decided to sell the property and it was advertised for sale. By 31 March 20x4, the sale was considered to be highly probable and the criteria for IFRS 5, Non-current Assets Held for Sale and Discontinued Operations were met at this date.
Required:
Problem 1: Discuss how the above item should be dealt with in the financial statements of Joey for the year ended 30 November 20x4.
Calculate the break-even price. - What would the selling price have to be to get the target return? - What other factors besides break-even should you consider before setting price?
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