pany committed to a plan to sell building PDU and classified this asset as held for sale. Building PDU was priced at $850,000, which is equal to its fair market value. During 2021, the market conditions that existed at the date the building was classified initially as held for sale deteriorated because of the prevailing worldwide pandemic and as a result, the asset is not sold at the end of 2021. On the same year, the company actively
The carrying value of building PDU on December 31, 2020 is $800,000 and had remaining useful life of 25 years. It is the company's policy to
On January 2, 2021, Emma Company committed to a plan to sell building PDU and classified this asset as held for sale. Building PDU was priced at $850,000, which is equal to its fair market value.
During 2021, the market conditions that existed at the date the building was classified initially as held for sale deteriorated because of the prevailing worldwide pandemic and as a result, the asset is not sold at the end of 2021.
On the same year, the company actively solicited but did not receive any reasonable offers to purchase the building and, in response, reduced the price to $840,000. The building continues to be actively marketed at a price that is reasonable given the change in market conditions.
In 2022, the market conditions deteriorate further, and the building is yet to be sold by the end of 2022. Emma Company believes that the market conditions will improve and has not further reduced the price of the building. The building continues to be held for sale at a price in excess of its current fair value. Because of the optimistic
In Emma's Company's December 31, 2022
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