User Account

All Pages

What is the amount to be reported as the carrying value

Assignment Help Financial Accounting
Reference no: EM132696717

On July 1, 2020, Peter Parker Company has a building with a cost of P4,000,000 and accumulated depreciation of P1,600,000. On the same date, Peter Parker Company commits to a plan to sell the building by February 1, 2021. The building has a fair value of P2,000,000 and it is estimated that the selling cost of the building will be P150,000. As of July 1, 2020, the building has a remaining life of 15 years.

Problem 1: What is the amount to be reported as the carrying value of the building-held for sale as of December 31, 2020?

Group of answer choices

a. P1,933,333

b. P2,000,000

c. P1,788,333

d. P1,850,000

 

Reference no: EM132696717

Questions Cloud

Make a basic flowchart about distance learning : How do you make a basic flowchart about distance learning from its origin till now?
What is the amount of loss to be recognized by peter parker : Peter Parker Company,What is the amount of loss to be recognized by Peter Parker Company in its income statement as a result of reclassification?
Describe ethical breaches examples as a performance issue : 1. What are the goals of an employee orientation? 2. Describe ethical breaches examples as a performance issue.
Level creative and innovative managers : With Professional-level creative and innovative managers and staff work differently than hourly employee-workers. How should the work environment
What is the amount to be reported as the carrying value : On July 1, 2020, Peter Parker Company, What is the amount to be reported as the carrying value of the building-held for sale as of December 31, 2020?
Why is the switch from ipv4 to ipv6 so difficult : Why is the switch from IPv4 to IPv6 so difficult? What key principles, discussed in prior chapters, are slowing migration to the new standard?
What is the loss before classification is charged against : Peter Parker Company plans to dispose of a group. What is the loss before classification is charged against the property plant and equipment?
What amount of the loss before classification is charged : Peter Parker Company plans to dispose of a group. What amount of the loss before classification is charged against the goodwill?
What amount of loss should the company recognize : Peter Parker Company plans to dispose of a group of assets.Immediately before classification as held for sale, what amount of loss should the company recognize?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd