At what amount should the equipment be measured on December 31, 2021? * 2. Beauty Company accounted for noncurrent assets using the cost model. Oh November 1, 2021, the entity classified an equipment as held for sale. At that date, the carrying amount of the equipment was P4,000,000, the fair value was estimated at P4,200,000 and the cost of disposal at P300,000. On January 30, 2022, the equipment was sold for a net proceed of P3,600,000. A. 4,000,000 B. 4,200,000 C. 3,900,000 D. 3,600,000 E. None of them

At what amount should the equipment be measured on December 31, 2021? * 2. Beauty Company accounted for noncurrent assets using the cost model. Oh November 1, 2021, the entity classified an equipment as held for sale. At that date, the carrying amount of the equipment was P4,000,000, the fair value was estimated at P4,200,000 and the cost of disposal at P300,000. On January 30, 2022, the equipment was sold for a net proceed of P3,600,000. A. 4,000,000 B. 4,200,000 C. 3,900,000 D. 3,600,000 E. None of them

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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