n November 1, 2021, a fire totally destroyed the building of ABC Company. The building cost of P2,000,000 and a carrying amount of P1,200,000 as of the date of the fire. A P1,000 claim was filed on November 15, 2021. On January 5, 2022, after due investigation, it was ABC is free of negligence and the insurance company agreed to pay ABC the P1,000,000 in 9. Prepare the entry on N
n November 1, 2021, a fire totally destroyed the building of ABC Company. The building cost of P2,000,000 and a carrying amount of P1,200,000 as of the date of the fire. A P1,000 claim was filed on November 15, 2021. On January 5, 2022, after due investigation, it was ABC is free of negligence and the insurance company agreed to pay ABC the P1,000,000 in 9. Prepare the entry on N
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
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 11RE: After years of experience, Dilcort Company reasonably estimated that a loss from a pending lawsuit...
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On November 1, 2021, a fire totally destroyed the building of ABC Company. The building cost of P2,000,000 and a carrying amount of P1,200,000 as of the date of the fire. A P1,000 claim was filed on November 15, 2021. On January 5, 2022, after due investigation, it was ABC is free of negligence and the insurance company agreed to pay ABC the P1,000,000 in 9. Prepare the entry on November 1, 2021, to record the impairment of the building. 10. Prepare the entry on January 5, 2022, to record the insurance claim.
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