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How much is the noncurrent asset held for sale debited

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Reference no: EM133060270

Question -

A. On January 1, 2017, an entity acquired machinery at a cost of 5,000,000 with an estimated residual value of 500,000 and an estimated useful life of 5 years.

On June 30, 2018, the entity decided to reclassify it as held for sale. The Fair value less cost of disposal on that date was 2,800,000.

On December 31, 2018, the fair value less cost of disposal was 3,800,000.

1. How much is the Noncurrent asset held for sale debited on June 30, 2018, as part of the machinery's derecognition?

2. How much is the impairment loss on June 30, 2018?

Reference no: EM133060270

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