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Please show the solutions On December 31, 2016, Karl subjected to impairment test a piece of equipment. Data pertinent to the equipment as of December

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On December 31, 2016, Karl subjected to impairment test a piece of equipment. Data pertinent to the equipment as of December 31, 2016 follow: Original Cost 2 400 000 Adjusted accumulated depreciation 600 000 Selling price 1 400 000 Estimated cost to make the sale 200 000 Value in use 1 100 000 Remaining useful life 6 years Method of depreciation Straight-line On December 31, 2018, the asset is found to have a recoverable amount of P1 300 000. 1. How much gain on recovery is recognized in 2018? 2. How much is the depreciation expense recognized in 2019 under the cost model? 3. How much is the depreciation expense recognized in 2019 under the revaluation model? 1. On April 1, XYZ Corporation purchased for 2 700 000 a tract of land on which was located a warehouse and an office building. The following data were collected regarding the property: Appraised value Vendor's Book Value Land 875000 700000 Warehouse 375000 400000 Office building 1000000 975000 What are the appropriate amounts that XYZ should record for the land, warehouse and office building, respectively

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