Reference no: EM132637768
Questions -
Q1. ALTC Ltd have machinery with a carrying amount of $120,000. The fair value of the machinery is estimated to be $110,000. The costs of disposal are estimated to be $5,000 and the value-in-use is estimated to be $90,000. What is the value of the impairment loss?
$0 - there is no impairment
$10,000
$15,000
$30,000
Q2. Parent Ltd acquired the identifiable assets and liabilities of Subsidiary Ltd for $134,000. The items acquired, stated at fair value, are: Plant $72,000; Inventories $24,000; Accounts Receivable $18,000; Patent $10,000. The difference on acquisition is:
Gain on Bargain Purchase $10,000
Gain on Bargain Purchase $16,000
Goodwill $10,000
None of the above
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