Reference no: EM133190120
Questions -
Q1. On March 1, 2021, Bergs Corp. carried out an impairment review of its famous brand. The brand purchased on June 1, 2017 at P40 million is estimated to have a 10-year useful life. The review meanwhile indicated that the brand had a value in use of P18 million and a revised remaining useful life of 5 years. On the same day the review results were issued, Bergs Corp. received an offer of P21 million from Knowie Inc. to purchase the brand.
In the statement of financial position of Bergs as of May 31, 2021, how much should the brand reported?
Q2. Bergs Company purchased an equipment for P5,000,000 on January 1, 2021. The equipment had useful life of 5 years with no residual value.
On December 31, 2021, the entity classified the equipment as held for sale. On such date, the fair value less cost of disposal of the equipment was P3,500,000.
On December 31, 2022, the entity believed that the criteria for classification as held for sale can no longer be met. Accordingly, the entity decided not to sell the equipment but to continue to use it. On December 31, 2022, the fair value less cost of disposal of the equipment was P2,700,000. What amount should be included in profit or loss in 2022 as a result of the reclassification of the equipment to property, plant and equipment?
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How much is the unrealized gain recognized
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Investment in a retention program
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Ethical behavior in a business organization
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Main qualities to look for in an lcd monitor
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What amount should be included in profit or loss
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Do you feel the organization showcased itself well
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How much is the dividend income to be recognized
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