Ryan Company reported an impairment loss of P2,540,000 in its statement of comprehensive income for the year ended December 31, 2018. This loss was related to long-lived assets acquired on January 1, 2017 with cost of P10,000,000, useful life of 10 years and 200,000 residual value. On the December 31, 2018 statement of financial position, Ryan reported these long-lived assets at P5,500,000 which is the fair value on such date. On December 31, 2019, Ryan determined that the fair value of its impaired long-lived assets had increased to P6,700,000. The straight line depreciation is recorded for the impaired assets. Required: Depreciation expense for 2019. *

Ryan Company reported an impairment loss of P2,540,000 in its statement of comprehensive income for the year ended December 31, 2018. This loss was related to long-lived assets acquired on January 1, 2017 with cost of P10,000,000, useful life of 10 years and 200,000 residual value. On the December 31, 2018 statement of financial position, Ryan reported these long-lived assets at P5,500,000 which is the fair value on such date. On December 31, 2019, Ryan determined that the fair value of its impaired long-lived assets had increased to P6,700,000. The straight line depreciation is recorded for the impaired assets. Required: Depreciation expense for 2019. *

Name: Show the solution in good accounting form Ryan Company reported an imp
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Description: Show the solution in good accounting form Ryan Company reported an impairment loss of P2,540,000 in its statement 1of comprehensive income for the year ended December 31, 2018. This losswas related to long-lived assets acquired on January 1, 2017 wit

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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