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On July 1, 2020, Olivia Co. has a building with a cost of 4,000,000 and accumulated depreciation of 1,600,000. On the same date, Olivia Co. commits to a plan to sell the building by February 1, 2021. The building has a fair value of 2,000,000 and it is estimated that the selling cost of the building will be 150,000. As of July 1, 2020, the building has a remaining life of 15 years.
Problem 1: What is the amount of loss to be recognized by Olivia co. in its income statement as a result of reclassification?
a. none
b. 150,000
c. 400,000
d. 550,000
Financial Statement Analysis and Preparation
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