On December 31, 2021, LJK Co. classified its building with a historical cost of P1,700,000 and accumulated depreciation of P1,020,000 as held for sale. All of the criteria under PFRS 5 are complied with. On that date, the land has a fair value of P525,000 and cost to sell of P35,000. 1. Assuming the building was not sold in 2022. However, the exception to the one year requirement was met. On December 31, 2022 the FV less cost to sell of the building is P470,000. What is the amount of impairment loss? 2. Assuming the building was not sold in 2023. However, the exception to the one year requirement was still met. On December 31, 2023 the FV less cost to sell of the building is increased to P515,000. What is the amount of cumulative impairment loss in 2023? 3. Assuming the building was not sold in 2023. However, the exception to the one year requirement was still met. On December 31, 2023 the FV less cost to sell of the building is increased to P515,000. What is the amount of gain on reversal of impairment loss in 2023?
On December 31, 2021, LJK Co. classified its building with a historical cost of P1,700,000 and
1. Assuming the building was not sold in 2022. However, the exception to the one year requirement was met. On December 31, 2022 the FV less cost to sell of the building is P470,000. What is the amount of impairment loss?
2. Assuming the building was not sold in 2023. However, the exception to the one year requirement was still met. On December 31, 2023 the FV less cost to sell of the building is increased to P515,000. What is the amount of cumulative impairment loss in 2023?
3. Assuming the building was not sold in 2023. However, the exception to the one year requirement was still met. On December 31, 2023 the FV less cost to sell of the building is increased to P515,000. What is the amount of gain on reversal of impairment loss in 2023?
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