Reference no: EM133011660
Questions -
Q1) Grand Company reported the following accounts at the end of reporting period;
Petty cash fund 10 000
Payroll fund 100 000
Sinking fund cash 500 000
Sinking fund securities 1 000 000
Accrued interest receivable - sinking fund
Securities 50 000
Plant expansion fund 600 000
Cash render value 150 000
Investment in property 3 000 000
Advances to subsidiary 200 000
Investment in associate 2 000 000
What total amount should be reported as non - current investments at the end of reporting period?
Q2) At year - end Jade Company has an equipment with the following cost and accumulated depreciation;
Equipment 9 000 000
Accumulated depreciation 3 000 000
Due to obsolescence and physical damage, the equipment is bound to be impaired. At year - end the entity has determined the following information related equipment;
Fair value less cost of disposal 4 500 000
Value in Use or discounted net cash enclosed 4 000 000
What amount should be reported as impairment for the year?