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256 Chapter 4 a Before the profit or loss from continuing operations but after the profit for the year. b. After the profit or loss from continuing operations but before the profit for the year. c. Separately from the profit or loss from continuing operations and it does not affect the profit for the year. d. As an adjustment to the beginning balance of the retained earnings 10. The statement of profit or loss includes which of the following? a. Revenue, cost of goods sold, distribution costs, general and administrative expenses and extraordinary items. b. Discontinued operations. Gains and losses arising from treasury share transactions. d. Other comprehensive income. 257 Non-current Assets Held for Sale and Discontinued Operations The "Non-current assets classified as held for sale" refers to land. The land was sold for cash on July 15, 20x1. Gold issued its financial statements on July 31, 20x1: In its June 30, 20x1, statement of financial position, what amount should Gold report as current assets? a. 225,000 b. 205,000 c. 195,000 d. 125,000 (AICPA) Use the following information for the next two questions: On December 31, 20x1, ABC Co. committed to a plan to sell its building at its current condition. ABC Co. expects that the sale will occur within twelve months after the end of the current reporting period. The building has a carrying amount of P12,000,000 and an estimated useful life of 5 years at the start of the year. ABC Co. depreciates the building using the straight line method of depreciation with no residual value. The building has a fair value of P8,000,000 and estimated costs to sell of P100,000 at the end of the year. All the conditions for classifying the building as held for sale are met as of year-end. 9.6 258 Chapter 4 operations before the effect of taxes in its income statement for 20x3? a. O (AICPA) b. 1,500,000 c. 2,000,000 d. 3,500,000