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On 1st April 2004, Shylock’s buildings had a fair value that was $20m higher than their carrying value and a remaining useful life of 20 years. Their residual value was deemed to be nil.
the carrying values of shylock’s other assets and liabilities are closely approximated to their fair values.
on the balance sheet, accounts receivable =66.40 and accounts payable = 40.60.
Why is the answer?
accounts payable 40.6- (0.5*20)
accounts receivable 66.40 -(0.5*20)?Where did the (0.5* 20) come from?
the balance sheet date is 31 march 2006
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