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Hello Sir/Madam, please help me solve this problem Tasek Holding acquired a shop-lot property...

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Accounting

imageHello Sir/Madam, please help me solve this problem

Tasek Holding acquired a shop-lot property at RM 800,000 on 1 st May 2016, The useful life of the property is estimated as 20 years with RM 0 salvage value. Tasek Holding applied straight line method of depreciation for all of its properties and it is the policy of the company to do an impairment assessment for every 5 years. The following are the information provided to manager for impairment assessment on 31st December 2020. Value in Use RM 630,000 Fair Value less Cost to Sell RM 620,000 1 st July 2021, the property is classified as held for sale as the classification criteria are met. The fair value less cost to sell for the property is RM625,000. On December 2021 the property was sold to Kate holding for RM660,000. Note: Tasek Holding close its account on 31st December every year. Required: (1) Calculate the impairment loss/gain for the property during the impairment assessment on 31st December 2020. (1) Identify the carrying value of the property immediately before re- classification as held for sale on I st July 2021? (iii) Calculate the gain/loss on disposal of property (if any)

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