Reference no: EM132943708
ABC Company has an equipment that has a book value of Php 384,000 as of December 31, 2019. On December 1, 2021, the entity decided to sell the equipment in early 2022. The fair market value of the equipment and its estimated disposal cost are as follows:
Fair value Disposal cost
December 31, 2021 295,000.00 15,000.00
December 31, 2022 303,000.00 18,000.00
December 31, 2023 220,000.00 20,000.00
After all of the entity 's efforts, it was not able to find an acceptable offer for the equipment, hence on January 1, 2024, the entity decided not to sell the equipment On this date, the remaining life of the equipment is 4 years. The value in use on this date is Php180,000 and there has been no revision in the equipment's useful life
Problem 1: How much is the loss on reclassification on January 1, 2024?
Option 1: 20,000.00
Option 2: 85,000.00
Option 3: 105,000.00
Option 4: 8,000.00
Option 5: None of the choices
Problem 2: How much is the depreciation in 2024?
Option 1: 45,000.00
Option 2: 48,000.00
Option 3: 44,000.00
Option 4: 46,000.00
Option 5: None of the choices
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