Reference no: EM132880937
On January 2, 2020 Ozz Co. intends to sell its building with a carrying value of 3,800,000 but with a fair value of 4,200,000 but will continue to use the asset until the construction of a new building is completed. The current building has a remaining useful life of 10 years.
Problem 1: On January 2, 2020, Ozz co. should classify the building as
a. Property, plant and equipment valued at 3,800,000
b. Property, plant and equipment valued at 4,200,000
c. Non-current asset held for sale and valued at 3,800,000
d. Non-current asset held for sale and valued at 4,200,000
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