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What amount should the asset be measured in the statement

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Problem 1: Terry Company accounts for noncurrent assets using the cost model. On July 31, 2019, the entity classified a noncurrent asset as held for sale. At that date, the carrying amount was P1,450,000, the fair value was estimated at P2,150,000 and the cost of disposal at P150,000. The asset was sold on January 31, 2020 for P2,120,000. At what amount should the asset be measured in the statement of financial position on December 31, 2019?

Reference no: EM132700488

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