Reference no: EM132597053
On August 31, 20X8, Gamma Corp. decided to sell its retail division. Upon review of the relevant facts, Gamma decided to account for this division as a discontinued operation. After the asset group was listed for sale, a broker was able to source an offshore buyer for the unit, and on October 31, 20X8, Gamma received a binding offer. Gamma agreed to pay a higher-than-expected sales commission due to the unique nature of the offer. Gamma prepares monthly financial statements and reports its financial results in accordance with IFRS.
August 31, 20X8
Carrying amount $15,000,000
Fair value 15,400,000
Estimated costs to sell 300,000
October 31, 20X8
Fair value (binding offer price) $15,500,000
Costs to sell (agreed-upon sales commission) 600,000
Question 1: What amount of impairment loss (recovery), if any, should Gamma report on its October 31 financial statements?
a) ($200,000)
b) $ 0
c) $100,000
d) $200,000
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