Reference no: EM132934844
Questions -
Q1) On January 1, 2021, DC Company classified noncurrent assets held for sale that had a carrying amount of P4,500,000. On this date, the assets are expected to be sold for P4,140,000 with a reasonable disposal cost of P180,000.
As of December 31, 2021, the asset had not been sold. After considering its options, management decided to put back the noncurrent asset for use in operations. On that date, DC's financial managers estimated the noncurrent asset to be sold at P3,240,000 with the disposal cost of P90,000, while depreciation for 2021 was computed at P900,000 if the noncurrent asset was not classified as held for sale.
At how much should the asset be recorded upon reclassification as "held for use" on December 31, 2021?
A. P3.150.000
B. P3,960,000
C. P4,500,000
D. P3,600,000
Q2) On November 1, 2020 BSA Company invested in P600,000 in equity securities representing 20,000 ordinary shares of HIJ Company. On December 31, 2020, this investment has a market value of P580,000. On April 15, 2021, HIJ Company sold the investment for P630,000. What amount of realized gain should HIJ Company disclosed in the profit or loss as a result of the disposal assuming the security was classified as investment at fair value through other comprehensive income?
A. P50,000
B. P30,000
C. P0
D. P40,000
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