On December 31, 2021, management of Jines Construction committed to a plan for selling an office building and its related equipment. Both are available for immediate sale. The building has a book value of $800,000 and a fair value of $900,000. The equipment has a book value of $240,000 and a fair value of $200,000. Calculate the amount that each asset will be reported at in the balance sheet and the amount of any gain or loss that will be reported in the income statement for the year ended December 31, 2021. Management expects to sell both assets in 2022.

Question

03-05-2021
Business

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On December 31, 2021, management of Jines Construction committed to a plan for selling an office building and its related equipment. Both are available for immediate sale. The building has a book value of $800,000 and a fair value of $900,000. The equipment has a book value of $240,000 and a fair value of $200,000. Calculate the amount that each asset will be reported at in the balance sheet and the amount of any gain or loss that will be reported in the income statement for the year ended December 31, 2021. Management expects to sell both assets in 2022.

Sagot :

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topeadeniran2 topeadeniran2 · Answer 1 · 2021-05-03T21:10:42-04:00

Answer: See explanation

Explanation:

The amount that each asset will be reported at in the balance sheet will be:

Balance sheet as on December 31, 2021:

Building = $800,000

Equipment = $200,000

Income statement for the year ended December 31, 2021:

Impairment of asset = ($40,000)

Note that since the equipment has a book value of $240,000 and a fair value of $200,000, there's a decrease in value of $40,000 which will also be the value of the impairment of asset.

Sagot :

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