"Financial Report":liquidation profit and loss

來源: 正保會計網(wǎng)校編輯：小鞠橘桔 2021/03/15 16:01:39　字體：大小

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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

View answer resolution

【Answer to question 1】C

【analysis】

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.

Financial Report:liquidation profit and loss

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:

【Answer to question 2】B

【analysis】

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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