Reference no: EM132880947
On September 1, 2020, Dee Company has a building with a cost of 4,000,000 and accumulated depreciation of 3,100,000. The company commits to a plan to sell the building by February 1, 2021. On September 1, 2020, the building has an estimated selling price of 800,000, and it is estimated selling cost associated with the disposal of the building will be 120,000. On December 31, 2020, the estimated selling price of the building has increased to 1,200,000, with estimated selling costs remaining at 120,000.
Problem 1: At the time of reclassification as held for sale, what amount should the noncurrent asset held for sale be recognized?
a. 680,000
b. 780,000
c. 800,000
d. 900,000
Problem 2: What amount of loss should Dee Company recognize at the time the building was reclassified as held for sale?
a. None
b. 100,000
c. 120,000
d. 220,000
Problem 3: As of December 31, 2020, what amount of gain on recovery should Dee Company recognize related to the asset held for sale?
a. None
b. 180,000
c. 220,000
d. 400,000
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