AICPA每日一练之FAR【2016-4-14】

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During year 4, the management of West Inc. decided to dispose of some of its older equipment and machinery. By year-end, December 31, year 4, these assets had not been sold, although the company was negotiating their sale to another company. On the December 31, year 4 balance sheet of West Inc., this equipment and machinery should be reported at

a. Fair value.

b. Carrying amount.

c. The lower of carrying amount or fair value.

d. The lower of carrying amount or fair value less cost to sell.

Answer:D

When management plans to dispose of long-lived assets and limited-lived intangibles, the assets shall be reported at the lower of carrying amount or fair value less cost to sell.

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