Solution-What amount of assets must be presented in the

What amount of assets must be presented in the december

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Reference no: EM132551959

On January 1, 2020, Maria Theresa acquired land for a cost of $3,000,000 and a building costing $6,000,000. The building has a useful life of 6 years with no residual value. The land and building were properly included under the caption of "Property Plant and Equipment".

On July 1, 2020 due to management decisions, the land and building qualified as "Held for sale" under IFRS 5 provisions on the same date the land had a fair value less cost to sell of $2,500,000, and the building $5,300,000.

The fair value less cost to sell of the land and building remained the same until December 31, 2020

Required:

Question 1. What amount of assets must be presented in the December 31, 2020 financial statements from the foregoing events?

Question 2. What amount of depreciation expense was recorded in 2020?

Reference no: EM132551959

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What amount of assets must be presented in the december

Reference no: EM132551959

Reference no: EM132551959

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