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Find statement of financial position include warehouse as

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Question 1: On December 31, 2019, VEE Co.'s warehouse has a carrying value of P3,500,000 with a remaining useful life of 10 years, but its fair market value was P3,300,000. As of December 31, 2019, VEE Company intends and is committed to sell the warehouse to a buyer after it vacates the warehouse. The time necessary to vacate the warehouse is usual and customary for sales of such assets. In its December 31, 2019 statement of financial position, VEE Co. should include the warehouse as

Reference no: EM132518055

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