Reference no: EM133105509
Question - Noncurrent Asset Held for Sale - The statement of financial position of an entity on December 31, 20x1 shows the following information:
Cash and cash equivalents 600,000
Trade and other receivables 1,200,000
Inventories 3,600,000
Investment property (Cost model) 1,400,000
Investment in associate 800,000
Property, plant and equipment 5,000,000
Total assets 12,600,000
Trade and other payables 4,900,000
Current tax payable 1,800,000
Deferred tax liability 700,000
Ordinary share capital 2,000,000
Retained earnings 2,700,000
Other components of equity 500,000
Total liabilities & equity 12,600,000
On December 31, 20x1, the entity commits to a plan to sell the investment property. All conditions of PFRS 5 are met. The fair value of the investment property on this date is P1,600,000 while the estimate of costs to sell is P50,000.
Required - Prepare the classified statement of financial position of the entity as at December 31, 20x1.
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