What amount should be reported as impairment loss

Assignment Help Accounting Basics
Reference no: EM133180978

Question - On December 31, 2020, Bergs Company classified its building with a carrying amount of P4,000,000 and fair value less cost to sell of P3,300,000 as held for sale. Consequently, an impairment loss of P700,000 was recognized on that date. The building was not sold in 2021. However, the exception to the one-year requirement was met. On December 31, 2021, the fair value less cost to sell of the building is P3,100,000. What amount should be reported as impairment loss for 2021?

Reference no: EM133180978

Questions Cloud

How much should be recognized in the profit or loss : The fair value on the date of reclassification was P42 million. How much should be recognized in the 2022 profit or loss as a result of the transfer
What do you mean by recruitment : 1. What do you mean by recruitment? Explain the external sources of recruitment of Managerial Personnel.
What should be the expense recognized : What should be the expense recognized in Bergs Company's profit or loss for the year ending December 31,2021 under the fair value model and cost model
What amount should be reported as investment property : Based on the provisions of IAS 40, what amount should be reported as Investment Property in the separate financial statements of Bergs Company
What amount should be reported as impairment loss : On December 31, 2021, the fair value less cost to sell of the building is P3,100,000. What amount should be reported as impairment loss for 2021
Calculate the total amount of interest earned : The maturity value of a savings account that belonged to Peach Company was $31,123.50. Calculate the total amount of interest earned
Calculate the market value of catherine bonds on march : On March 1, 2014, Catherine purchased $60,000 of Tyson Co.'s 4%, 17-year bonds at face value. Calculate the market value of Catherine bonds on March
Contrast the rights and the regulation : Compare and contrast the rights and the regulation of those rights of unionized employees versus public sector employees. Address the following, at a minimum:
What total cost should be recognized for the new shares : The market value per share is 120 and the market value per right is 30. What total cost should be recognized for the new shares

Reviews

Write a Review

Accounting Basics Questions & Answers

  The new garbage truck would be recorded in the general

The government financed the balance with a short-term bank note. The new garbage truck would be recorded in the General Capital Assets account at ?

  How costs are allocated to mission centers

If your nonprofit organization uses the direct distribution method to allocate your indirect costs to mission centers, how costs allocated to mission centers

  Prepare the journal entry when Crazy sells a bundle

Crazy Computer normally sells the laptop and printer as a package for a price of $1,900. Prepare the journal entry when Crazy sells a bundle

  What effect will reclassifying the investments have on the

what effect will reclassifying the investments have on the current ratio? is rosss true financial position stronger as

  How much of a charitable deduction should debbie claim

Debbie is a 25% owner in MAE Inc., an S corporation. How much of a charitable deduction should Debbie claim on Schedule A of her Form 1040

  Journalize the transactions for foyle architects

Post to the ledger T-accounts. Foyle Architects incorporated as licensed architects on April 1, 2014. During the first month of the operation

  Calculate the cost of job using the overhead absorption rate

Fencing Ltd, a small jobbing company, Calculate the cost of Job No. 001 using the overhead absorption rate per direct labour hour.

  Issuance and retirement of bonds income statement

issuance and retirement of bonds income statement presentation holiday company issued its 9 25-year mortgage bonds in

  Determine depreciation expense for the first two years

A pressurized spray painter was purchased on April 1 of the fiscal year for $3,900. Determine depreciation expense for the first two years

  What is the estimated loss n asset realization

The book value of the inventories, P80,000 had an excess in the amount of P26,000 over its estimated fair value. What is the estimated loss n asset realization

  Which item would be included on the bank reconciliation as a

A check drawn by a company for $360 in payment of a liability was recorded in the journal as $630. This item would be included on the bank reconciliation as a

  Discuss staying power in financial analysis spreadsheet

Financial analysis should be organized by the four sections i.e.Profitability,Efficiency,Working Capital of the financial analysis spreadsheet

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd