User Account

All Pages

What is the measurement of the equipment that ceases as held

Assignment Help Accounting Basics
Reference no: EM132727722

Gina Company purchased equipment for P5,000,000 on January 1, 2019 with a useful life of 10 years and no residual value. On January 1, 2021, the entity classified the asset as held for sale. The fair value of the equipment on January 1, 2021 is P3,300,000 and the cost of disposal is P100,000.

  • On December 31, 2021, the fair value of the equipment is P3,800,000 and the cost of disposal is P200,000. On the same date, 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.

Problem 1: What is the measurement of the equipment that ceases as held for sale on December 31, 2021?

Reference no: EM132727722

Questions Cloud

Managing quality and performance : You are a manager at a local manufacturing plant where your workers make widgets. You have set quality standards of 95% for your team's production of widgets
Daefine the five key financial assets : Briefly define each of the five key financial assets. Is every financial asset also a financial security? Is it possible that what saver would consider a financ
Difference between moral hazard and adverse selection : a) Brietly explain why a country without a robust financial system might struggle to achieve high rates of economic growth?
What is Dodd estimated total entity value : If the average ratio of total entity value to customers is $500 for a group of comparable public companies, what is Dodd's estimated total entity value
What is the measurement of the equipment that ceases as held : Gina Company purchased equipment for P5,000,000 on January 1, 2019. What is the measurement of the equipment that ceases as held for sale on December 31, 2021?
Difference between hassan and muhammad : How can you use motivation theorists to explain the difference between Hassan and Muhammad?
What are some methods to protect personal rights : What are some methods to protect personal rights of someone in one of the groups that is labeled as vulnerable? Justify your rationale.
Find what amount recognized as gain on reversal : On April 1, 2019, the entity classified the machine as held, What amount should be recognized as gain on reversal of impairment on December 31, 2019?
Optimal strategy for the organization : Pick any organization that is familiar and perform a PEST analysis. (Political, Economic, Sociological, Technological)

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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