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Loudon Co acquired an office building for $20m on 1 October 2012 with an estimated useful of 25 years. Depreciation is charged on a pro-rate basis. On 1 April 2018, the building was deemed to be impaired as its fair value was estimated to be $ 12m. At that date the estimated remaining life was revised to 12years. ignore the deferred tax consequences of this revaluation. In this question there the impairment shown on the statement of profit and loss account and what amount can shown in statement of financial position?
Hi,
Can you please identify what it is specifically that you do not understand in relation to the question/answer? I’m happy to help you if you provide and answer so that I can explain where you may have gone wrong but I do not just answer outright questions as such. This approach is far better for your learning.
Look forward to hearing from you with what you do not understand so that I can assist further.
Thanks
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