Reference no: EM132696713
Peter Parker Company plans to dispose of a group of its assets as held for sale. The assets from a disposal group and are measured as follows;
--------------------------------------------------------------Carrying Amount ----------------------------Re-measured Amount
-------------------------------------------------Before Classification as Held for sale-----------Immediately before classification
Goodwill ----------------------------------------------------P3,000,000 --------------------------------------- P3,000,000
Property, plant and equipment
(revalued amount)------------------------------------------ 9,200,000------------------------------------------8,000,000
Property, plant and equipment
(historical amount)------------------------------------------11,200,000------------------------------------------11,200,000
Inventory -----------------------------------------------------4,800,000 ------------------------------------------4,400,000
Investment in available for sale ---------------------------3,800,000 ------------------------------------------3,200,000
Total-------------------------------------------------------- P32,000,000 ----------------------------------------P29,800,000
Peter Parker Company estimates that fair value less costs to sell of the disposal group amounts to P26,000,000.
Problem 1: Immediately before classification as held for sale, what amount of loss should the company recognize?
Group of answer choices
a. P2,200,000
b. P3,800,000
c. P2,000,000
d None
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