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Financial Accounting Reporting Questions Answers

I need the proper solutions of 3 case questions in excel file with workings and formulas.

Words:  500

Financial-Accounting-Reporting

Q.1

As at 1 January, 20X0 Casey plc had property, plant and equipment with the carrying amount of $ 250,000. In the year ended 31 December 20X0, the company disposed of assets with the carrying amount of $ 45,000 for $50,000. The company revalued a building from $75,000 to $100,000 and charged depreciation of $ 20,000. At the year-end, the carrying amount of property, plant and equipment amounted to $ 270,000.

Q.2

How much will be reported in the statement of cash flows for the year ended 31 December 20X0  under the heading “ cash flows from investing activities?

Q.3

An entity purchased an investment property on 1 January 20X3 for a cost of $ 3.5 million. The property had an estimated useful life of 50 years, with no residual value and at 31 December 20X5 had a fair value of $ 4.2 million. On 1 January 20X6, the property was sold for $ 4 million.

Calculate the result on disposal under both cost and fair value model.

The following information relates to four assets held by a company.

Asset A

Asset B Asset C Asset D

Carrying amount

$120 million $ 30 million $40 million $ 70 million
Value in use $ 80 million $ 70 million $ 80 million

$ 20 million

Fair value $ 90 million $ 40 million $ 70 million

$ 30 million

What is the total impairment loss? More Details>>>

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