Reference no: EM133272922
Problem:
AIKA Company accounts for noncurrent assets held for sale using the revaluation model.
On July 1, 2021, the entity classified land as held for sale.
On that date, the revalued amount was P500,000.
On July 1, 2021, the fair value was estimated at P475,000, and the cost of disposal was P16,500.
On December 31, 2021, the fair value was estimated at P460,000, and the cost of disposal was P18,500.
How much is the gain on the recoverable amount for 2021?
On December 31, 2020, Jimin Company classified equipment as held for sale.
On that date, the equipment is expected to be sold for P600,000 with the cost of disposal of P18,500.
The equipment was purchased last September 1, 2018, with an original cost of P800,000
The estimated residual value is P50,000 and has an estimated useful life of 10 years.
On December 31, 2021, the equipment had not been sold and management decided to place back the equipment into operations.
On December 31, 2021, the entity estimated that the equipment is expected to be sold at P580,000with a cost of disposal of P25,000.
How much is the impairment loss for 2020?
How much is the loss on reclassification in 2021?
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