Could you solve these questions with its calculations/explanations step by step? That’s all the information they have given me. The question is complete. s. Transcribed Image Text: At 30 November

Could you solve these questions with its calculations/explanations step by step? That’s all the information they have given me. The question is complete. s. Transcribed Image Text: At 30 November 20X3, Joey carried a property in its statement of financial position at
its revalued amount of $14 million in accordance with IIAS 16, Property, Plant and
Equipment. Depreciation is charged at $300,000 per year on the straight line basis. In
March 20X4, the management decided to sell the property and it was advertised for
sale. By 31 March 20X4, the sale was considered to be highly probable and the criteria
for IFRS 5, Non-current Assets Held for Sale and Discontinued Operations were met at
this date. At that date, the asset’s fair value was $12.4 million and its value in use was
$12.5 million. Costs to sell the asset were estimated at $300,000.
On 30 November 20X4, the property was sold for $16.3 million. The trans- actions
regarding the property are deemed to be material and no entries have been made in the
financial statements regarding this property since 30 November 20X3 as the cash
receipts from the sale were not received until December 20X4.
Required: Discuss how the above item should be dealt with in the financial statements
of Joey for the year ended 30 November 20X4.

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