Use the following information for the next two (2) questions: The Malaluan Company accounts for non-current assets, using the revaluation model. On June 30, 2016 Malaluan classified a freehold property as held for sale in accordance with PFRS5. At the date the property's carrying amount was P290,000. At that date its fair value was estimated at P330,000 and the costs to sell at P20,000. At December 31, 2016 the property's fair value was estimated at P325,000 and the costs to sell at Pa5,000. 13) The asset should be carried in Malaluan's statement of financial position at December 31, 2016 at 14) What amount should be included as an impairment loss in Malaluan's statement of comprehensive income for the year ended December 31, 2016?

Use the following information for the next two (2) questions: The Malaluan Company accounts for non-current assets, using the revaluation model. On June 30, 2016 Malaluan classified a freehold property as held for sale in accordance with PFRS5. At the date the property's carrying amount was P290,000. At that date its fair value was estimated at P330,000 and the costs to sell at P20,000. At December 31, 2016 the property's fair value was estimated at P325,000 and the costs to sell at Pa5,000. 13) The asset should be carried in Malaluan's statement of financial position at December 31, 2016 at 14) What amount should be included as an impairment loss in Malaluan's statement of comprehensive income for the year ended December 31, 2016?

Name: Use the following information for the next two (2) questions:The Mala
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: Use the following information for the next two (2) questions:The Malaluan Company accounts for non-current assets, using the revaluation model. On June 30, 2016 Malaluan classifieda freehold property as held for sale in accordance with PFRS5. At the

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The Verba Company accounts for non-current assets using the revaluation model. On 30 June 2020, Verba classified a freehold property as held for sale in accordance with PFRS5. At that date the property's carrying amount was P290,000 and the balance on the revaluation reserve was P20,000. At that date its fair value was estimated at P330,000 and the costs to sell at P20,000. At 31 December 2020 the property's fair value was estimated at P325,000 and the costs to sell at P25,000. What amount should be included as an impairment loss in Verba's profit or loss for the year ended 31 December 2020?
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. 1,450,000
Pearl Company accounts for noncurrent assets using the cost model. On October 30, 2012, the entity classified a noncurrent asset as held for sale. At that date, the asset's carrying amount was P1,500,000, its fair value was estimated at P1,100,000 and the cost to sell at P150,000. On November 20, 2012, the asset was sold for net proceeds of P800,000. What amount should be included as loss on disposal in the statement of comprehensive income for the year ended December 31, 2012?
On February 14, 2022, Frozen Company classified a non-current asset as held for sale. At that time, the asset's carrying amount was P64,000. It's fair value was estimated at P48,000 and the cost to sell at P3,800. On May 9, 2022, the asset was sold for P42,000 and paid transaction costs of P2,000. The company accounts for non-current assets using the cost model. 9. How much impairment loss is to be recorded by Frozen relating to the non-current assets held for sale? 10. At what amount should the non-current assets held for sale be recorded on Feb. 14, 2022? 11. How much gain(loss) is to be reported by Frozen on the disposal of the non-current assets held for sale?
Lala Company accounts for noncurrent assets using the cost model. On October 1, 2019, Lala classified a noncurrent asset held for sale. At that date, the asset’s carrying amount was P1,600,000, its fair value was estimated at P1,100,000 and the cost to sell at P100,000. On December 15, 2019, the asset was sold for net proceeds of P925,000. What amount should be included as an impairment loss in Lala’s statement of comprehensive income for the year ended December 31 ,2019?
Lopez 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?
Lopez 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? A. 5,800,000 B. 4,300,000 C. 300,000 D. 0
Arlene Company accounted for noncurrent assets using the cost model. On October 30, 2017, the entity classified a noncurrent asset as held for sale. At that date, the carrying amount was P1,500,000, the fair value was estimated at P1,100,000 and the cost of disposal at P150,000. On November 20, 2017, the asset was sold for net proceeds of P800.000. What amount should be reported as impairment loss for 2017?
Arlene Company accounted for noncurrent assets using the cost model. On October 30, 2017, the entity classified a noncurrent asset as held for sale. At that date, the carrying amount was P1,500,000, the fair value was estimated at P1,100,000 and the cost of disposal at P150,000. On November 20, 2017, the asset was sold for net proceeds of P800.000. 1. Prepare necessary journal entries
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 Nil
Glorious Company Limited owns land that it purchased at a cost of $400 million ("m") in 2017. The company chooses to use revaluation accounting to account for the land. The land's value at the end of the following years were as follows: 2017 - $450m; 2018 - $360m; 2019 - $385m; and 2020 $410m. Required: Prepare the journal entries to record the land using revaluation accounting from 2017 - 2020 using the following table: Year Journal Land Unrealized Gain on Revaluation Loss on Impairment Recovery of Impairment Loss $'m S'm $'m $'m 2017 Dr Cr 2018 Dr Cr 2019 Dr Cr 2020 Dr Cr
Arlene Company accounted for noncurrent assets using the cost model. On October 30, 2017, the entity classified a noncurrent asset as held for sale. At that date, the carrying amount was P1,500,000, the fair value was estimated at P1,100,000 and the cost of disposal at P150,000. On November 20, 2017, the asset was sold for net proceeds of P800.000. 1. What amount should be included as loss on disposal in the statement of comprehensive income for the year ended December 31, 2017? 2. Prepare necessary journal entries