Based on question no. 7. thankiess »artlebyQ Search for textbooks, step-by-step explanations to homework questions,.Ask an Expert«A LibraryUse the following information for the next three questions:Entity A determines an indication that its investment property might be impaired. Entity A thengathers the following information:Carrying amount of investment propertyFair value less costs to sellValue in useP1,000,000900,000Use the followEntity A deterngathers the folCarrying amouFair value lessValue in use880,000Following the impairment, Entity A revises its estimate of residual value to 5% of the recoverableamount and the remaining useful life to 10 years.7. How much is the impairment loss?a. 120.000b. 20.000c. 100,000d. 0Following the iamount and th7. How mucha 120,00b. 20,000c. 100,00d. 0Need the answer?Get it-with an explanation• 5211 tutors online. Answers in as fast as 15 minutes.Need the answer?• 5211 tutors online. Al 8. How much is the annual depreciation after the impairment?a. 85,500b. 90,000c. 85,000d. 95,000Need the answer?Get it-with an explanation• 5205 tutors online. Answers in as fast as 15 minutes.9. Five years after the impairment, Entity A determines an indication that the impairment mayno longer exist. Entity A makes the following estimates and computations:Fair value less costs to sellP800,000Value in useP700,000The investment property would have a carrying amount of P600,000 by now if noimpairment loss had been recognized in the past.How much is the gain on the reversal of impairment?a. 125,000b. 129,500c. 127,500d. 327,500

As we know impairment loss = carrying amount- recoverable amount carrying amount =cost -…

Use the following information for the next three questions: Entity A determines an indication that its investment property might be impaired. Entity A then gathers the following information: Carrying amount of investment property Fair value less costs to sell P1,000,000 900,000 880,000 Use the follow Entity A detern gathers the fol Carrying amou Fair value less Value in use Following the impairment, Entity A revises its estimate of residual value to 5% of the recoverable amount and the remaining useful life to 10 years. alue in use 7. How much is the impairment loss? Following the 120.000

Use the following information for the next three questions: Entity A determines an indication that its investment property might be impaired. Entity A then gathers the following information: Carrying amount of investment property Fair value less costs to sell P1,000,000 900,000 880,000 Use the follow Entity A detern gathers the fol Carrying amou Fair value less Value in use Following the impairment, Entity A revises its estimate of residual value to 5% of the recoverable amount and the remaining useful life to 10 years. alue in use 7. How much is the impairment loss? Following the 120.000

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

Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments

Section: Chapter Questions

Problem 9C

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