impairment loss reported in profit or loss for the year 2026?

Q: What is the depreciation expense for 2024?

A: Sum-of-the-years' digits is an accelerated method for determining an asset's expected depreciation…

Q: Dawn Company purchased a machine on January 1, 2018 for P3,000,000. At the date of acquisition, the…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: UNO COMPANY purchased equipment for P5,000,000 on January 1, 2013 with a useful life of ten years…

A: Impairment of assets means reducing the book value  of assets when carrying amount is more than…

Q: On January 1, 2015, Schielanie company acquired a building to be held as investment property in a…

A: On January 1, 2015, Schielanie company acquired a building to be held as investment property in a…

Q: London Company owns a building on January 1, 2020, with a historical cost of P40,000,000. The…

A: The amount of Revaluation will be credited to revaluation reserve and become a part of other…

Q: On January 1, 2018, an entity purchased a machine for P7,200,000 and depreciated it by the straight…

A: Since there are multiple questions, we will solve first for you. To get the remaining questions…

Q: On January 1, 2018, an entity purchased a machine for P7,200,000 and depreciated it by the…

A: Annual Depreciation = (Cost of the machine - Salvage value) / Expected life of the assets =…

Q: Norraine Company used the composite method of depreciation based on a composite rate of 25%. At the…

A: 1. Depreciation for 2020 = (Beginning total cost of equipment + cost of equipment purchased ) x…

Q: On January 1, 2016, Landmark Company acquirfed equipment for P1,000,000 with an estimated 10-year…

A: Depreciation is a reduction in value of asset due to wear and tear, technological obsolescene and…

Q: Clara Company purchased equipment for P5,000,000 on January 1, 2021 with a useful life of 10 years…

A: The fair value of a financial asset is established at the reclassification date when a company…

Q: On 1 January 20X1, Barbosa Ltd purchased an item of plant for GHS 300,000 which was to be…

A: Tangible item is called PPE if it is use in manufacturing or trade of inventory and services or  for…

Q: TGIF Company owned a building on January 01, 2019, with historical cost of P52,000,000. The property…

A: A revaluation surplus is a part of the equity account and it represents an increase in the value of…

Q: Burmilla purchased an equipment on January 1, 2020 at a cost of P10,000,000. This equipment was…

A: Impairment of assets means reducing the book value  of assets when carrying amount is more than…

Q: anuary 1, 2018, Hot Corporation acquired equipment at a cost of ₱1,800,000. Hot adopted the…

A: Depreciation is the decrease in the value of the assets due to their usage. Every asset has certain…

Q: 00:35:23 Remaining Multiple Choice On July 1, 2019, an entity purchased the rights to a mine for…

A: Depreciation is the wear and tear of the asset. It occurs due to: Passage of time Usage…

Q: carrying amount of the machine as of December 31, 2020

A: As per IAS 8 a change in accounting estimate has to be adjusted prospectively. Accounting estimates…

Q: The S & R Company acquired equipment on January 1, 2017 at a cost of P800,000, depreciating it over…

A: When a company acquired another entity, all the fixed assets may be subject to revaluation as on the…

Q: On January 3, 2018, Brave company acquired an item of property, plant and equipment at a cost of…

A: Calculation of Accumulated depreciation till October 1, 2021 :- Depreciation per year: = (Cost -…

Q: JPHEI Company purchased a machine on January 1, 2016 for P6,000,000. At the date of acquisition, the…

A: Solution: Accumulated depreciation for 3 years (from 2016 to 2018) = (Cost - residual value) * 3/ 6…

Q: On January 3, 2018, Honest company acquired an item of property, plant and equipment at a cost of…

A:

Q: On January 2, 2019, Jillian Company made a test of impairment on one of its buildings carried as…

A: Revaluation surplus is disclosed in the equity section of the company’s statement of financial…

Q: On January 1, 2017, ATS Company purchased equipment for P4,000,000. The equipment has a useful life…

A: The carrying amount is calculated as the original cost minus accumulated depreciation

Q: On January 3, 2018, Honest company acquired an item of property, plant and equipment at a cost of…

A: Asset will be reclassified as held for sale will be valued at lower of following 1) carrying value…

Q: Clara Company purchased equipment for P5,000,000 on January 1, 2021 with a useful lite of 10 years…

A: VALUE OF PROPERTY IMMEDIATELY BEFORE THE CLASSIFICATION AS HELD FOR SALE AS ON 31ST DEC, 2022…

Q: Lincon Company owned a building on January 01, 2019, with historical cost of P52,000,000. The…

A: A revaluation excess is a type of equity account that records any gains in the value of capital…

Q: On January 1, 2023, Stigman Company purchased building at a cost of P10,000,000 with a 10-year…

A: Accumulated Depreciation=CostUseful Life×2 years=P 10,000,00010×2 Years=P 2,000,000

Q: On Mar. 31, 2020 XYZ bought machinery at P300,000. XYZ opted to use the double-declining method to…

A: Machinery purchased on 31 March, 2020 = P 300000 Salvage Value = P 5000 Total depreciable amount for…

Q: On January 1, 2019, Kong Company owned a machinery having a carrying amount of P240,000. The machine…

A: Carrying amount can be defined as the original cost of an asset as reflected in the books of…

Q: On December 31, 2021, Alexis Company has an item of machinery with a cost of P4,500,000 and an…

A: Impairment loss = Carrying value - Recoverable value Recoverable value = Lower of Value in use and…

Q: ABC Ltd., a private company, can report in accordance with either ASPE or IFRS. On January 1, Year…

A: Asset Valuation Provision: As per the Accounting Standards of Private Enterprises- Canada, does not…

Q: Clara Company purchased equipment for P5,000,000 on January 1, 2021 with a useful life of 10 years…

A: We know that Impairment loss can be calculated as follow = Carrying value - Recoverable amount.…

Q: On December 31, 2021, LJK Co. classified its building with a historical cost of P1,700,000 and…

A: Impairment Loss on Held for sale Non current Assets According to PFRS 5 there are some rules and…

Q: 19, Ivanhoe Corporation acquired equipment at a cost of $858000. Ivanhoe adopted the…

A: Solution: Sum of years digits = 8+7+6+5+4+3+2+1 = 36 Accumulated Depreciation for 2019, 2020, 2021 =…

Q: On January 1, 2019, Ciara Corporation acquired an equipment to be used in its manufacturing…

A: Given information, Useful life =10 years Residual value =P50,000 Depreciation for the year 2021…

Q: Johnson Company purchased an equipment at P6,500,000 on January 1, 2020 which will be used for a…

A: Revaluation Model In the revaluation model the determination of assets value will be determined by…

Q: Clara Company purchased equipment for P5,000,000 on January 1, 2021 with a useful life of 10 years…

A: Assets held for sale are recorded at lower of carring amount in books and fair value less cost of…

Q: revaluation deficit/impairment

A: Depreciation = (Cost of equipment - Residual value)/Useful life in years Cost of equipment =…

Q: Clara Company purchased equipment for P5,000,000 on January 1, 2021 with a useful lite of 10 years…

A: Recoverable Value of the Equipment on December 31, 2022 =  Fair Value - Cost of disposal…

Q: Blossom Company purchased a machine on January 1, 2019, for $792000. At the date of acquisition, the…

A: The question is related to the Chnage in Accounting Estimates. Chnage in Accounting Estimates is…

Q: Ventura Corporation purchased machinery on January 1, 2019 for P630,000. The company used the…

A: Net book value at the end of 2020 = Cost of the assets - accumulated depreciation under sum of digit…

Q: Barbosa Ltd purchased an item of plant for GHS 300,000 which was to be depreciated over its useful…

A: SOLUTION- GIVEN, ASSUME ON 1 JAN 20X1 ,BARBOSA LTD PURCHASED AN ITEM OF PLANT FOR GHS 300000  WHICH…

Q: Brea plc, which has a financial year end of 31 December, has an item of plant which meets the…

A: This question deals with the concept of asset held for sale and impairment loss. When asset…

Q: Sandhill Company purchased a machine on January 1, 2019, for $970000. At the date of acquisition,…

A: Depreciation under  straight-line method  = (cost - salvage value)/useful life  A change in method…

Q: Clara Company purchased equipment for P5,000,000 on January 1, 2021 with a useful lite of 10 years…

A: Recognized gain/loss = P3,800,000 - P200,000 = P3,600,000

Q: On January 1, 2019, Kong Company owned a machinery having a carrying amount of P240,000. The machine…

A: Depreciation means the fall in value of assets because of wear and tear , usage , passage of time or…

Q: The R Company acquired an equipment on January 1, 2016 at a cost of P900,000, depreciating it over 8…

A: Working Note :- Particulars Amount P Amount P Cost of equipment Jan 1 ,…

Q: In accordance with IAS 16 Property, Plant and Equipment, what was the profit on disposal to be…

A:

Q: Merida company acquired an item of property, plant and equipment at a cost of P1,000,000 on January…

A: Asset held for sale are those assets which as per IFRS 5 has been decided to sell by the management…

Q: Jasmin Company purchased an investment property on January 1, 2017 at a cost of P2,200,000. The…

A: Cost of investment property = 2200000 Use ful life = 40 years Deprecation for 2 years =2200000/40…