Using the rollforward schedule and subledgers for various rollforward components, you are performing reconciliation of PPE to general ledger.
· Asset Name, Description, and Reference
· Asset Classification (i.e Machinery, Vehicles, Building, etc.)
· Beginning Balance- Cost
· Additions- Cost
· Deduction impairment- Cost
· Transfers from AUC/CWIP to fixed assets- cost
· Other adjustments-cost
· Ending balance- cost
· Beginning and closing balance of accumulated depreciation
· Depreciation Expense
· Net beginning balance
· Net additions
· Net transfer from AUC/CWIP to Fixed Assets
· Net deduction- Impairment
· Net deduction Disposals
· Net other Adjustments
· Net Closing Value of the Asset (Original Cost Less Total Accumulated Depreciation)
What details are missing from the rollforward schedule to enable you to complete the testing? a. Gain/Loss on sale of asset, deduction-disposal and sales-cost, accumulated depreciation on disposals b. Deduction-disposal and sales-cost, accumulated depreciation on disposals c. Date of approval for impairment of asset, loss on impairment of asset d. Useful life of asset for each class, depreciation expense for disposal, and sale of asset a. Gain/Loss on sale of asset, deduction-disposal and sales-cost, accumulated depreciation on disposals b. Deduction-disposal and sales-cost, accumulated depreciation on disposals c. Date of approval for impairment of asset, loss on impairment of asset d. Useful life of asset for each class, depreciation expense for disposal, and sale of asset