STRAIGHT Company accounts for non-current assets using the revaluation model. On October 1, 2022, the entity classified a freehold property as held for sale. At that date, the carrying amount was P2,200,000 and the balance of revaluation surplus was P1,200,000. At the same date, the fair value was estimated at P2,900,000 and the cost of disposal at P220,000.

STRAIGHT Company accounts for non-current assets using the revaluation model. On October 1, 2022, the entity classified a freehold property as held for sale. At that date, the carrying amount was P2,200,000 and the balance of revaluation surplus was P1,200,000. At the same date, the fair value was estimated at P2,900,000 and the cost of disposal at P220,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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