Reference no: EM132945936
Question - Hangin Company purchased equipment for P16,000,000 on January 1, 2018 with a useful life of 5 years with a residual value of P1,000,000. On December 31, 2019, the entity classified the asset as held for sale. The fair value less cost of disposal of the equipment on December 31, 2019 is P7,500,000 and the cost of disposal is P50,000. On December 31, 2020, the fair value of the equipment is P9,500,000 and the cost of disposal is P100,000. On December 31, 2020, the entity believed that the criteria for classification as held for sale can no longer be met. Accordingly, the entity decided not to sell the asset but to continue to use it.
Required -
What is the impairment loss to be recognized on December 31, 2019?
What is the measurement of the equipment that ceases to be held for sale on December 31, 2020?
What amount should be recognized as gain or loss as a result of the reclassification in 2020?
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