TOPIC 2: IAS 16: PROPERTY, PLANT, AND EQUIPMENT

Online class on Tuesday morning

Team 1

Ordinal number Full name % Contribution (out of 100)

1 Lê Vy Anh 100

2 Từ Lê Minh Anh 100

12 Bùi Thị Ngọc Huyền 100

13 Đặng Thị Nam Khánh 100

16 Lê Thị Mai Linh 100

24 Phan Thị Tuyết Nhi 100

25 Lê Thị Hồng Nhung 100

31 Võ Ngọc Đoan Thùy 100

Ex 2.9. (Revaluation model)

(a) January 1, 2017
Equipment 60,000
Cash 60,000

December 31, 2017

Depreciation Expense 10,000
Accumulated Depreciation - Equipment 10,000

(b) December 31, 2018

Depreciation Expense 10,000
Accumulated Depreciation - Equipment 10,000

Accumulated Depreciation - Equipment 20,000

Loss on Impairment 5,000
Equipment ($60,000 – $35,000) 25,000

(c) Depreciation expense in 2019: ($60,000 – $25,000) ÷ 4 = $8,75

Ex 2.10 (Exchange assets)

a, Commercial substance

Dr Equipment 33,200 (7,700+25,500)

Dr Accumulated Depreciation 19,000

Cr Equipment 25,000

Cr Cash 25,500

Cr Gain on exchange 1,700

b, Non-commercial substance

Dr Equipment 31,500 (6,000+25,500)

Dr Accumulated Depreciation 19,000

Cr Equipment 25,000

Cr Cash 25,500