Investment property has a carrying amount of 800,000 before any adjustment. The property has a remaining seful life of 10 years. Distortion Co. uses the fair value model for its vestment property. The property has a fair value of P700,000 at ne end of the reporting period. The yearend adjusting entry most kely would include a. A debit to depreciation expense of P80,000 .A debit to impairment loss of P100,000 c. A credit to unrealized oss of P100,000 d. A debit to unrealized loss of P100,000 Pagezof
Investment property has a carrying amount of 800,000 before any adjustment. The property has a remaining seful life of 10 years. Distortion Co. uses the fair value model for its vestment property. The property has a fair value of P700,000 at ne end of the reporting period. The yearend adjusting entry most kely would include a. A debit to depreciation expense of P80,000 .A debit to impairment loss of P100,000 c. A credit to unrealized oss of P100,000 d. A debit to unrealized loss of P100,000 Pagezof
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
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 9MC: A fixed asset with a 5-year estimated useful life is sold during the second year. How would the use...
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