Reference no: EM133002664
Question - A company purchased equipment for P 5,000,000 on January 1 2x18. The equipment had a useful life of 5 years with no residual value.
On December 31, 2X18 the entity classified the equipment as held for sale. On such date, the fair value less cost of disposal of the equipment was P 3,500,000
On December 31, 2X19 the entity believed that the criteria for classification as held for sale could no longer be met. Accordingly, the entity decide not to sell the equipment but to continue to use it.
On December 31, 2X19 the fair value less cost of disposal of the equipment was P 2,700,000.
-What is the carrying amount of the equipment on December 31, 2X18 before it was classified as held for sale?
-What amount should be recognized as impairment loss in 20X8?
-What amount should be include in profit or loss in 20X9 as a result of the reclassification of the equipment to property plant and equipment?
-What is the adjusted carrying amount of the equipment on December 31, 2X20?
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