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Side Step Company purchased an equipment for P5,000,000 on January 1, 2022. The equipment has a useful life of 5 years with no residual value. On December 31, 2022, the entity classified the asset as held for sale. On such date, the fair value less cost to sell of the equipment is P3,500,000.
Problem 1: What amount of impairment loss should be recognized in 2022?
Problem 2: What amount should be included in profit or loss in 2023 as a result of the reclassification of the equipment to property, plant and equipment? (use negative sign if loss)
Problem 3: What is the depreciation for 2024?
Present the worksheet elimination journal entries necessary to prepare consolidated financial statements for 2003. Present the worksheet elimination journal entries necessary to prepare consolidated financial statements for 2004.
Set up an accounting equation worksheet and record each transaction on the worksheet (Record the equipment purchase as an asset)
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