The Delap Company accounts for non-current assets using the cost model. On 25, April 2016, Delap classified a non-current asset as held for sale in accordance with PFRS5. At that date the asset's carrying amount was 32,000, its fair value was estimated at 22,000 and the cost to sell at 3,200. On May 15, 2016, the asset was sold for net proceeds of 17,400. In Delap's statement of comprehensive income for the year ended June 30, 2016: What amount should be included as an impairment loss? 10,000 13,200 13,600 Nil

The Delap Company accounts for non-current assets using the cost model. On 25, April 2016, Delap classified a non-current asset as held for sale in accordance with PFRS5. At that date the asset's carrying amount was 32,000, its fair value was estimated at 22,000 and the cost to sell at 3,200. On May 15, 2016, the asset was sold for net proceeds of 17,400. In Delap's statement of comprehensive income for the year ended June 30, 2016: What amount should be included as an impairment loss? 10,000 13,200 13,600 Nil

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 7P: Dinnell Company owns the following assets: In the year of acquisition and retirement of an asset,...

See similar textbooks

Similar questions

Dinnell Company owns the following assets: In the year of acquisition and retirement of an asset, Dinnell records depreciation expense for one-half year. During 2020, Asset A was sold for 7,000. Required: Prepare the journal entries to record depreciation on each asset for 2017 through 2020 and the sale of Asset A. Round all answers to the nearest dollar.
Arlene Company accounted for noncurrent assets using the cost model. On October 30, 2017, the entity classified a noncurrent asset as held for sale. At that date, the carrying amount was P1,500,000, the fair value was estimated at P1,100,000 and the cost of disposal at P150,000. On November 20, 2017, the asset was sold for net proceeds of P800.000. What amount should be reported as impairment loss for 2017?
Arlene Company accounted for noncurrent assets using the cost model. On October 30, 2017, the entity classified a noncurrent asset as held for sale. At that date, the carrying amount was P1,500,000, the fair value was estimated at P1,100,000 and the cost of disposal at P150,000. On November 20, 2017, the asset was sold for net proceeds of P800.000. 1. What amount should be included as loss on disposal in the statement of comprehensive income for the year ended December 31, 2017? 2. Prepare necessary journal entries
Lopez Company accounts for non-current assets using the cost model. On October 30, 2016 Lopez classified a non-current asset as held for sale in accordance with PFRS5. At that date the asset’s carrying amount was P15,000,000, its fair value was estimated at P11,000,000 and the costs to sell at P1,500,000. On November 20, 2016 the asset was sold for net proceeds of P9,200,000. In accordance with PFRS5, what amount should be included as a loss on disposal in Lopez’s statement of comprehensive income for the year ended December 31, 2016?
Lopez Company accounts for non-current assets using the cost model. On October 30, 2016 Lopez classified a non-current asset as held for sale in accordance with PFRS5. At that date the asset’s carrying amount was P15,000,000, its fair value was estimated at P11,000,000 and the costs to sell at P1,500,000. On November 20, 2016 the asset was sold for net proceeds of P9,200,000. In accordance with PFRS5, what amount should be included as a loss on disposal in Lopez’s statement of comprehensive income for the year ended December 31, 2016? A. 5,800,000 B. 4,300,000 C. 300,000 D. 0
On April 23, 2021, Charm Company classified a non-current asset held for sale in accordance with IFRS 5 - Non-current Asset Held for Sale and Discontinued Operations. At that time, the asset's carrying amount was P64,000, its fair value was estimated at P48,000 and the costs to sell at P3,800. On June 18, 2021, the asset was sold for net proceeds of P40,000. The company accounts for non-current assets using the cost model. 1.In accordance with IFRS 5, what amount should be included as an impairment loss in Charm Company's statement of comprehensive income for the year ended June 30, 2021? a. 24,000 b. 19,800 c. 16,000 d. 4,200 2. What amount should be reported as loss on disposal in Charm Company's statement of comprehensive income for the year ended June 30, 2021? a. 24,000 b. 19,800 c. 16,000 d. 4.200
Pearl Company accounts for noncurrent assets using the cost model. On October 30, 2012, the entity classified a noncurrent asset as held for sale. At that date, the asset's carrying amount was P1,500,000, its fair value was estimated at P1,100,000 and the cost to sell at P150,000. On November 20, 2012, the asset was sold for net proceeds of P800,000. What amount should be included as loss on disposal in the statement of comprehensive income for the year ended December 31, 2012?
Arlene Company accounted for noncurrent assets using the cost model. On October 30, 2017, the entity classified a noncurrent asset as held for sale. At that date, the carrying amount was P1,500,000, the fair value was estimated at P1,100,000 and the cost of disposal at P150,000. On November 20, 2017, the asset was sold for net proceeds of P800.000. 1. Prepare necessary journal entries
ARLENE Company accounts for noncurrent assets using the cost model. On October 30,2010, Arleneclassified a noncurrent asset as held for sale. At that date, the asset’s carrying amount was P1,500,000,its fair value was estimated at P1,100,000 and the cost to sell at P150,000. On November 20, 2010, theasset was sold for the net proceeds of P800,000. What amount should be included as loss on disposalinArlene’s statement of comprehensive income for the year ended December 31, 2010? - (The answer is 150,000)PLEASE PREPARE THE JOURNAL ENTRIES.
On April 23, 2020, Charming Company classified a noncurrent asset held for sale in accordance with IFRS 5 Noncurrent Assets Held for Sale and Discontinued Operations. At that time, the asset's carrying amount was P34,000, its fair value was estimated at P48,000 and the costs to sell at P3,800.On July 18. 2020, the asset was sold for net proceeds of P40,000. The company accounts for noncurrent assets using the cost model.In accordance with IFRS 5, at what amount should the asset be stated In Charming Company's statement of financial position at June 30, 2020? A. P48,000 B. P44,800 C. P34,000 D. P30,200
On July 16, 2020, Agony Company classified a noncurrent asset as held for sale in accordance with IFRS 5 Noncurrent Assets Held for Sale and Discontinued Operations. At that date, the asset's carrying amount was P45,000, Its fair value was estimated at P33,000 and the costs to sell at P4,500.On October 20, 2020, the asset was sold for net proceeds of P27,600.If Agony Company accounts for noncurrent assets using the cost model what amount should be included as impairment loss and loss on disposal, respectively, in Agony Company's statement of comprehensive income for the year ended December 31,2020? A. P16,500 and P17,400 B. P0 and P17,400 C. P12,000 and P5,400 D. P16,500 and P900
The Cheer Company accounts for noncurrent assets using the cost model.On July 20, 2020, Cheer classified a noncurrent asset as held for sale in accordance with IFRS 5. At that date, the asset’s carrying amount was P24,500, its fair value was estimated at P31,500 and the costs to sell at P3,150. The asset was sold on October 18, 2020 for P31,200.How much is the impairment loss and at what amount should the asset be stated in Cheer Company's statement of financial position at September 30, 2020? A.P0 and P24.500 B. P3,850 and P24,500 C. P3,850 and P28,350 D. P0 and P28,350