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Cristel Company purchased equipment for P800,000 on January 1, 2023 with a useful life of 10 years and no residual value. On December 31, 2024, the entity classified the equipment as held for sale. The fair value of the equipment on December 31, 2024 was P600,000 and the cost of disposal P20,000. On December 31, 2025, the entity believed that the criteria for classification as held for sale can no longer be met. On such date, the fair value of the equipment was P500,000 and the cost of disposal was P10,000. The value in use was determined to be P550,000. Accordingly, the entity decided not to sell the asset but to continue to use it.
Problem 1: What is the impairment loss to be recognized on December 31, 2024? _____
Problem 2: What amount should be recognized in profit or loss as a result of the reclassification in 2025?
Johaira received a stock of 2,000 shares on March 31, 2015, Compute the dividend income to be reported by Johaira on its October 31, 2015
If selling prices of finished products Y and Z remain constant, percentage of joint costs allocated to product Y and product Z would
We assume that the company you selected is considering a new project. Compute the depreciation basis and annual depreciation
Calculate the return on equity for the aggressive and conservative plans. Butler Corporation is considering what level of current assets to maintain
Evaluate the Shareholder's Equity and determine for the given data the Break- even point in Units and in Dollars
Purchased 3,000 shares of treasury stock at $10 (part of the 20,000 shares issued at $8). What is total shareholders' equity at the end of 2011?
If the collected funds were available in one day instead of two, what would be the company's disbursement float, collection float, and net float?
Danielson Inc., sells two types of caviar. Both are widely recognized as quality products throughout its worldwide distribution system, but from time to time the actual mix of the product shifts as tastes change. What is the contribution margin ratio..
Prepare a contribution format income statement for the company as a whole. Compute the break-even point in sales for the company based on the current sales mix. If sales increase by $50,000 per month, by how much would you expect net operating income..
Sheridan Company provides for doubtful accounts based on 4.5%, What is the balance in Allowance for Doubtful Accounts at December 31, 2020?
What is the intrinsic value of RRV's common stock? RRV's beta is 1.50, the market risk premium is 5.25%, and the risk-free rate is 3.00%.
Describe and explain the nature and scope of forensic auditing and how it differs from the normal statutory audit of companies.
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