On May 1, 2019, V company had a machine. Related dataAcquisition Cost 2,450,000Installation Cost 50,000Estimated...
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On May 1, 2019, V company had a machine.
Related data
Acquisition Cost 2,450,000
Installation Cost 50,000
Estimated Residual Value 100,000
Estimated Useful Life 5 years
On September 1, 2020 the management decided to place the equipment held for sale. On that date, the fair value less cost of disposal is 1,620,000
On December 31, 2020, the fair value less cost of disposal was 1,570,000
Questions. Make a precise computation and explanation. 1. How much is the impairment loss for 2020?
2. How much is gain or loss on the recoverable amount for 2020? 3. How much is the loss of reclassification in 2020?
B. The related data of J-hope Company Acquired biological assets on January 1, January 1amounting to 525,000
Additional biological assets were acquired on March 31, 2020, amounting to 320,500.At year-end, a change in fair value due to growth fluctuation amounted to 120,500and a change in fair value due to price fluctuation amounted to 75,900.The total amount harvested for the year is 620,800
Questions. Make a precise computation and explanation. 1. How much is the biological assets on December 31, 2020? 2. How much is PPE?
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