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Question - MAY Co. reports under ASPE. MAY has equipment that is no longer in use and at December 31, 2021 it determines that the equipment meets the definition of held for sale. The cost of the equipment is $500 and accumulated depreciation is $300.
It is determined that the equipment has a fair value of $150, and costs to sell of $20. The equipment is expected to be sold within a year but has not been sold by the time the financial statements have been released.
Required - How will this equipment be reported on the classified balance sheet at December 31, 2021 (location/classification, title/account, and amount). Show any calculations.
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