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Question - On January 1, 2005 PT Love purchased a building for $2 million. Its estimated useful life at that date was 20 years and the company uses the straight-line depreciation method. On December 31, 2009 the government embarked on a plan to construct a fly-over adjacent to the building which would reduce access to the building thereby decreasing its value. The company estimated that it can sell the building for $1 million but it would have to incur costs of $50,000. Alternatively, if it continues to use it, the present value of the net cash flows the building will generate amounts to $1.2 million.
In 2010, the government constructed a service road parallel to the high way which improved the recoverable amount to $1.4 million. Depreciation for 2010 was $0.12 million.
Required -
1. Determine the accounting treatment and journal entry in 2009?
2. Determine the accounting treatment and journal entry in 2010?
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