. JBC Company, a car rental company, acquires vehicles with the intention of holding them as rental cars for limited period and then selling them. As of December 31, 2020, Car 1 was sold for P500,000 and Car 2 was also sold for P435,000. The carrying values of Car 1 and 2 were P150,000 and P130,000, respectively. What amount of gains or losses JBC Company should disclose in the Statement of Comprehensive Income in relation to the sale of cars above?
. JBC Company, a car rental company, acquires vehicles with the intention of holding them as rental cars for limited period and then selling them. As of December 31, 2020, Car 1 was sold for P500,000 and Car 2 was also sold for P435,000. The carrying values of Car 1 and 2 were P150,000 and P130,000, respectively. What amount of gains or losses JBC Company should disclose in the Statement of Comprehensive Income in relation to the sale of cars above?
Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization
Section: Chapter Questions
Problem 39P
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1. JBC Company, a car rental company, acquires vehicles with the intention of holding them as rental cars for
limited period and then selling them. As of December 31, 2020, Car 1 was sold for P500,000 and Car 2 was also sold for
P435,000. The carrying values of Car 1 and 2 were P150,000 and P130,000, respectively.
What amount of gains or losses JBC Company should disclose in the Statement of Comprehensive Income in
relation to the sale of cars above?
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