. On January 2, 2021, Big company classified non current asset with a carrying amount of P2,400,000 as held for sale. On this date, the asset is expected to be sold for P2,300,000 with expected cost to sell of P100,000. By December 31, 2021, the asset's fair value is P2,400,000 with estimated disposal cost of P50,000. On January 10, 2022, the asset was sold for P2,000,000. Cost to sell amounts to P35,000 How much recovery on impairment is to be recognized on December 31, 2021?

. On January 2, 2021, Big company classified non current asset with a carrying amount of P2,400,000 as held for sale. On this date, the asset is expected to be sold for P2,300,000 with expected cost to sell of P100,000. By December 31, 2021, the asset's fair value is P2,400,000 with estimated disposal cost of P50,000. On January 10, 2022, the asset was sold for P2,000,000. Cost to sell amounts to P35,000 How much recovery on impairment is to be recognized on December 31, 2021?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments

Section: Chapter Questions

Problem 6RE

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