"Financial Report":liquidation profit and loss
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Questions 1:
The following information is available for an asset purchased at the start of its first year of operations (Year 1):
● Purchase price: $1.8 million
● Estimated useful life: 5 years
● Estimated residual value: $500,000
If the company uses the double declining balance method of depreciation, the depreciation expense in Year 3 will be closest to:
A、 $187,200.
B、 $259,200.
C、 $148,000.
Questions 2:
Under IFRS, it is most appropriate to include which of the following pension costs of a defined-benefit plan in other comprehensive income?
A 、Net interest expense accrued on the beginning net pension liability
B、 Actuarial gains or losses
C、 Employees service cost
C is correct. Under the double declining balance approach, the depreciation rate applied to the carrying amount is double the depreciation rate for the straight-line method. Because the rate for the straight-line method is 20% (1/5), the double declining rate is 40%. Depreciation expense is recorded until the net book value (NBV) reaches the residual value.
B is incorrect. This is the full double declining depreciation expense that would have been recorded if the residual value had been below $388,800:
B is correct. Under IFRS, only actuarial gains or losses can be recognized in other comprehensive income. A is incorrect. Net interest expense accrued on the beginning net pension liability is recognized in profit and loss. C is incorrect. Employees service cost is recognized in profit and loss.
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