Reference no: EM133141742

Question 1 - Panelo Co. is preparing its December 31, 2022, current year financial statements. A land included in Panelo's property, plant and equipment that did not qualify as held for sale as of December 31, 2022 was actually sold on January 8, 2023. The financial statements were authorized for issue on March 15, 2023. On December 31, 2022, Panelo has total current assets of P7,250,000. Not included in this amount is the fair value less costs to sell of the land amounting to P750,090. How much is the total current assets current in Panelo's December 31, 2022 financial statements?

Question 2 - Roque Co. accounts for noncurrent assets using the revaluation model. On July 1, 2022, Roque Co. classified a land as held for sale in accordance with PFRS 5. At that date, the property's carrying amount was P1, 140,000 and the balance on the revaluation reserve was P230,000. At that date, its fair value was estimated at P1,320,000 and the cost to sell at P45,000. At December 31, 2022, the property's fair value was estimated at P1,190,000 and the cost to sell al P34,500. In accordance with PFRS 5, the asset should be carried in Roque Co.'s statement of financial position as of December 31, 2022 at?