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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

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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