Question

Drabinski Ltd. decided on 1 July 20X3 to dispose of an asset group consisting of land, a building, and equipment. An active plan of disposal is being carried out, and sale is highly probable within the following year. The assets’ carrying values and estimated recoverable amounts at 1 July 20X3 are as follows:


On 31 December 20X3, the net recoverable amount of the group is reliably estimated to be $ 1,640,000. On 1 April 20X4, the asset group is sold for $ 1,700,000, net of costs to sell.

Required:
Prepare journal entries that are appropriate to record the informationabove.


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  • CreatedFebruary 17, 2015
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