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- Refer to the situation described in BE 11–13. Assume that the present value of the estimated future cash flowsgenerated from the division’s assets is $22 million and that their fair value approximates fair value less costs tosell. What amount of impairment loss should C&R recognize if the company prepares its financial statementsaccording to IFRS?Refer to the situation described in BE 11–16. Assume that SCC’s fair value of $40 million approximates fairvalue less costs to sell and that the present value of SCC’s estimated future cash flows is $41 million. If WebHelper prepares its financial statements according to IFRS and SCC is considered a cash-generating unit, whatamount of impairment loss, if any, should WebHelper recognize?Under IFRS, a company: a. should evaluate only equity investments for impairment. b. accounts for an impairment as an unrealized loss, and includes it as a part of other comprehensive income and as a component of other accumulated comprehensive income until realized. c. calculates the impairment loss on debt investments as the difference between the carrying amount plus accrued interest and the expected future cash flows discounted at the investment's historical effective-interest rate. d. All of the above.
- Can you please help me understand how to solve problems like this one by giving a detailed solution? Would appreciate your help so much. Thank you! PROBLEM: The following data were taken from the statement of affairs of ROBINSONS Corp.: Assets pledged for fully secured liabilities (current fairvalue, $75,000) $90,000 Assets pledged for partially secured liabilities (currentfair value $52,000) $74,000 Free assets (current fair value, $40,000) $70,000 Unsecured liabilities with priority $7,000 Fully secured liabilities $30,000 Partially secured liabilities $60,000 Unsecured liabilities without priority $112,000 *The amount that will be paid to creditors with priority is:a. 7,000 b. 6,000 c. 7,500 d. 6,200*The amount to be paid fully secured creditors is:a. 30,000 b. 32,000 c. 20,000 d. 35,000*The amount to be paid to partially secured creditors is:a. 52,700 b. 57,200 c. 56,200 d. 57,000*The amount to be paid to unsecured creditors:a. 78,200 b. 70,800 c. 72,000 d.…Bradley Co. is expanding its operations and is in the process of selecting the method of financing this program. After some investigation, the company determines that it may (1) issue bonds and with the proceeds purchase the needed assets or (2) lease the assets on a long term basis. Without knowing the comparative costs involved, answer these question: a. What disclosures should be made by lessees and lessors related to futurepayments?Integrity Company has the following information: Unsecured creditors P460,000 Preferred creditors 220,000 Secured creditors: ABC Co., fair value of asset pledged P360,000 420,000 DEF Co., fair value of asset pledged P200,000 340,000 GHI Co., fair value of asset pledged P280,000 240,000The company also has a number of other assets that are not pledged in any way.How much should be realized from the free assets(unpledged) so that ABC Co. would receive exactly P378,000? a. P378,000 b. P198,000 c. P642,000 d. P462,000 e. P488,000
- Under what cisrcumstances under PFRS 9 can an entity classify financial assets that meet the amortized cost criteria as at FVTPL? A. where the business model approach is adopted B. where the financial asset passes the contractual cash flow characteristics test C. where the instrument is held to maturity D. if doing so eliminates or reduces an accounting mismatchclassify the given items as (operating / investing / financing), share the correct classification with logical reasoning Loss on sale of asset 95780 dividend income 26000 interest income 35000 finance cost paid on debentures 12000 gain on sale of investment 45000 Depreciation on fixed assets 85000 Amortisation Expenses 110000When a firm disposes of a capital asset, the difference between the net book value of the asset and the sale proceeds is: Select one: a. A special gain or loss b. An ordinary gain or loss c. A gain or loss from a discontinued operation d. A gain or loss from a prior period e. None of the aboe try to maintain plagiarism
- Assets Liabilities and Owners' Equity Accounts and notes payable Income taxes payable Current portion of long-term debt Unearned revenue Cash and cash equivalents $325,000.00 $125,000.00 Marketable securities $180,000.00 $150,000.00 Accounts & notes receivable $420,000.00 $250,000.00 $125,000.00 Inventories $325,000.00 Prepaid expenses $150,000.00 Miscellaneous other payables $200,000.00 $925,000.00 Deferred taxes $75,000.00 Total current liabilities Miscellaneous current assets $75,000.00 $1,475,000.00 Total current assets Long-term debt Capital lease obligations Deferred taxes $3,100,000.00 $450,000.00 Plant, property & equipment $3,225,000.00 $150,000.00 Investment in affiliates $1,800,000.00 Total other liabilities $3,700,000.00 Other fixed assets $500,000.00 Total other assets $5,525,000.00 Owners' equity Preferred stock $1,450,000.00 Common stock $325,000.00 $375,000.00 Retained earnings Other equity items Total owners' equity $225,000.00 $2,325,000.00 Total assets $7,000,000.00…Concept Integration. Review the definitions ofcurrent and fixed assets in Chapter 15 (see page413). Why would a potential lender be interested inthese two classes of assets when reviewing thebalance sheet of a company applying for a long-termloan?WHat is the Fixed Assets Turnover Ratio ? given Noncurrent Assets Equity securities - at fair value through other comprehensive income 8, 21 16,267,140 Due to related parties - noncurrent portion 8, 21 347,927,681 Property and equipment - net 9 6,390,497,964 Deferred tax assets 19 64,994,497 Retirement benefits asset 18 16,267,140 Other non-current assets 10, 21 30,221,963 Available for sale investment 10 - Total Noncurrent Assets 6,849,909,245 Revenue 2,104,932,423