At the end of 2021, Magilke is evaluating the results of the instructional business. Due to...
At the end of 2021, Magilke is evaluating the results of the
instructional business. Due to fierce competition from online and
television (e.g., the Golf Channel), the Old Master reporting unit
has been losing money. Its book value is now $410,000. The fair
value of the Old Master reporting unit is $330,000. Magilke has
collected the following information related to the company’s
intangible assets.
|
Intangible Asset |
Expected Cash Flows |
Fair Values |
||
|---|---|---|---|---|
|
Trade names |
$14,700 | $4,900 | ||
|
Copyrights |
49,000 | 44,000 |
Prepare the journal entries required, if any, to record impairments
on Windsor intangible assets. (Assume that any amortization for
2021 has been recorded.) (Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts.)
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