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- The ABC Company accounts for non-current assets using the cost model. On July 20, 2021, ABC Company classified a non-current asset as held for sale in accordance with PFRS 5. At that date, the asset's carrying amount was P24,500, its fair value was estimated at P31,500 and the costs to sell at P3,150. The asset was sold on Oct 18, 2021 for P31,200. Q-27. 12.How much is the impairment loss and at what amount should the asset be stated in ABC Company's statement of financial position at September 30, 2021? 13.How much is the gain on sale to be reported in the September 30, 2021 statement of income?The Delap Company accounts for non-current assets using the cost model. On 25, April 2016, Delap classified a non-current asset as held for sale in accordance with PFRS5. At that date the asset's carrying amount was 32,000, its fair value was estimated at 22,000 and the cost to sell at 3,200. On May 15, 2016, the asset was sold for net proceeds of 17,400. In Delap's statement of comprehensive income for the year ended June 30, 2016: What amount should be included as an impairment loss? O 10,000 13,200 13,600 NilLopez Company accounts for non-current assets using the cost model. On October 30, 2016 Lopez classified a non-current asset as held for sale in accordance with PFRS5. At that date the asset’s carrying amount was P15,000,000, its fair value was estimated at P11,000,000 and the costs to sell at P1,500,000. On November 20, 2016 the asset was sold for net proceeds of P9,200,000. In accordance with PFRS5, what amount should be included as a loss on disposal in Lopez’s statement of comprehensive income for the year ended December 31, 2016?
- 1. Coral Company accounts for noncurrent assets using the cost model. On July 31, 2011, Coral classified a noncurrent asset as held for sale. At that date, the asset's carrying amount was P1,450,000, its fair value was estimated at P2,150,000 and the cost to sell at P150,000. The asset was sold on January 31, 2012 for P2,120,000. At what amount should the asset be measured in Coral's statement of financial position on December 31, 2011? O a. 2,000,000 O b. 2,150,000 O c. 2,120,000 O d. 1,450,000HAPPY Corp. assets have a carrying amount of P100,000 before year end adjustments. The PFRSs require these assets to be measured at fair value at each reporting date. Location is a characteristic of the assets. Information at year end is as follows: Active Market #i Quoted Price P340,000, Transport Cost-P25,000, Cost to Sell -P35,000 and Active Market #2 Quoted Price - P387,000, Transport Cost -29,000. Cost to Sell- 18,000. A} If Active Market #1 is the principal market for Entity A's biological assets, how much is the fair value? B)If neither Active Market#1 nor Active Market #2 is the principal market, how much is the fair value? A. P315,000; P358,000 B. P280,000; P358,000 C. P315,000; P340,000 D. P280,000;P340,000HAPPY Corp. assets have a carrying amount of P100,000 before year end adjustments. The PFRSs require these assets to be measured at fair value at each reporting date. Location is a characteristic of the assets. Information at year end is as follows: Active Market #i Quoted Price P340,000, Transport Cost-P25,000, Cost to Sell -P35,000 and Active Market #2 Quoted Price - P387,000, Transport Cost -29,000. Cost to Sell- 18,000. A} If Active Market #1 is the principal market for Entity A's biological assets, how much is the fair value? B)If neither Active Market#1 nor Active Market #2 is the principal market, how much is the fair value?
- ccCullumber Company owns delivery equipment that cost $53,800 and has accumulated depreciation of $27,300 as of July 30, 2020. On that date, Cullumber disposes of this equipment. For parts b - d below, enter D for debit or C for credit in the first box and the amount in the second box. What is the net book value of the equipment on July 30, 2020? Assume Cullumber scraps the equipment as having no value on July 30. What is the gain or loss, if any, that Cullumber should recognize? Assume Cullumber sells the equipment for $37,200 cash on July 30. What is the gain or loss, if any, that Cullumber should recognize? Assume Cullumber sells the equipment for $18,000 cash on July 30. What is the gain or loss, if any, that Cullumber should recognize?Hindi Kho Kaya Corporation is using the cost model for noncurrent assets. On November 1, 2020, the entity classified a noncurrent asset as held for sale. At that date, the carrying amount was P3,000,000, the fair value was estimated at P2,200,000, and the cost of disposal at P300,000. On November 22, 2020, the asset was old for net proceeds of P1,600,000. What amount should be reported as loss on disposal for the year ended December 31, 2020? ₱300,000 ₱1,400,000 ₱500,000 ₱1,100,000 What is the impairment loss for 2020? ₱800,000 ₱1,400,000 ₱1,100,000 d. ₱1,700,000Lure Corporation is using the cost model for noncurrent assets. On October 1, 2020, the entity classified a noncurrent asset as held for sale. At that date, the carrying amount was P4,500,000, the fair value was estimated at P3,300,000, and the cost of disposal at P450,000. On October 25, 2020, the asset was sold for net proceeds of P2,400,000. What amount should be reported as loss on disposal for the year ended December 31, 2020? P750,000 P1,650,000 P450,000 P2,100,000
- The Whistler Company accounts for its property, plant and equipment using the cost model. On 30 October 20X7 Whistler classified an item of property, plant and equipment as held for sale in accordance with IFRS5, Non-current assets held for sale and discontinued operations. At that date the asset's carrying amount was CU20,000, its fair value was estimated at CU17,000 and the costs to sell at CU2,000. The value in use from the continued use of the asset if it was not sold was estimated at CU13,000. The asset has not yet been sold. In accordance with IFRS5, at what amount should the asset be stated in Whistler's statement of financial position at 31 December 20X7? CU13,000 CU15,000 CU17,000 CU20,000On December 2, 2022, Pancit Manufacturing Company purchased goods with a cash price of P1,600,000. Some of the costs incurred in connection with the acquisition of the goods were as follows: Import duties, P160,000; transportation costs, P80.000; and handling costs, P40,000. These goods were received on December 31, 2022. In Pancit's December 31, 2022 balance sheet, at what amount should these goods be included in inventory?On July 16, 2020, Agony Company classified a noncurrent asset as held for sale in accordance with IFRS 5 Noncurrent Assets Held for Sale and Discontinued Operations. At that date, the asset's carrying amount was P45,000, Its fair value was estimated at P33,000 and the costs to sell at P4,500.On October 20, 2020, the asset was sold for net proceeds of P27,600.If Agony Company accounts for noncurrent assets using the cost model what amount should be included as impairment loss and loss on disposal, respectively, in Agony Company's statement of comprehensive income for the year ended December 31,2020? A. P16,500 and P17,400 B. P0 and P17,400 C. P12,000 and P5,400 D. P16,500 and P900
