Homework Answers
AMOUNT OF CREDIT LOSS= $8200
| Date | Account titles | Debit | Credit |
| dec 31, 2020 | Loss on available for sale security | $8200 | |
| To available for sale security | $8200 |
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Solutions Grouper Company in ferst year of operations provides the following information related to one of...
Grouper Company in its first year of operations provides the following information related to one of...
Grouper Company in its first year of operations provides the following information related to one of its available- for-sale debt securities at December 31, 2020. Amortized cost Fair value Expected credit losses $51,800 43,600 12,950 What is the amount of the credit loss that Grouper should report on this available-for-sale security at December 31, 2020? Amount of the credit loss e Textbook and Media List of Accounts Prepare the journal entry to record the credit loss, if any (and any...
Pearl Company in its first year of operations provides the following information related to one of...
Pearl Company in its first year of operations provides the following information related to one of its available-for-sale debt securities at December 31, 2020, Amortized cost Fair value Expected credit losses $51,400 42.800 12.750 What is the amount of the credit loss that Pearl should report on this available-for-sale security at December 31, 2020? Amount of the credit loss $ eTextbook and Media List of Accounts Prepare the journal entry to record the credit loss, if any (and any other...
Presented below is information related to equipment owned by Blue Company at December 31, 2020, Cost...
Presented below is information related to equipment owned by Blue Company at December 31, 2020, Cost Accumulated depreciation to date Expected future net cash flows Fair value $10.980,000 1,220,000 8,540,000 5,856,000 Blue intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $24,400. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the...
Presented below is information related to equipment owned by Sunland Company at December 31, 2020 $10,170,000...
Presented below is information related to equipment owned by Sunland Company at December 31, 2020 $10,170,000 Cost Accumulated depreciation to date 1,130,000 7,910,000 Expected future net cash flows Fair value 5,424,000 Assume that Sunland will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required,...
Presented below is information related to equipment owned by Bonita Company at December 31, 2020. Cost...
Presented below is information related to equipment owned by Bonita Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,810,000 1,090,000 7,630,000 5,232,000 Bonita intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $21,800. As of December 31, 2020, the equipment has a remaining useful life of 4 years. Prepare the journal entry (if any) to record the impairment of the...
Presented below is information related to equipment owned by Wildhorse Company at December 31, 2020. Cost...
Presented below is information related to equipment owned by Wildhorse Company at December 31, 2020. Cost $10,620,000 Accumulated depreciation to date 1,180,000 Expected future net cash flows 8,260,000 Fair value 5,664,000 Assume that Wildhorse will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required,...
Presented below is information related to equipment owned by Marigold Company at December 31, 2020. Cost...
Presented below is information related to equipment owned by Marigold Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,360,000 1,040,000 7,280,000 4,992,000 Assume that Marigold will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Your answer is partially correct. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020....
Presented below is information related to equipment owned by Nash Company at December 31, 2020. Cost...
Presented below is information related to equipment owned by Nash Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,180,000 1,020,000 7,140,000 4,896,000 Nash intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $20,400. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the...
Presented below is Information related to equipment owned by Waterway Company at December 31, 2020. Cost Accumulated de...
Presented below is Information related to equipment owned by Waterway Company at December 31, 2020. Cost Accumulated depreciation to date Expected futurc nct cash flows Fair value $10.710,000 1,190,000 8.330,000 5,712.000 Assume that Waterway will continue to use this assct in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required,...
Presented below is information related to equipment owned by Skysong Company at December 31, 2020. Cost...
Presented below is information related to equipment owned by Skysong Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,540,000 1,060,000 7,420,000 5,088,000 Skysong intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $21,200. As of December 31, 2020, the equipment has a remaining useful life of 5 years. - Your answer is partially correct. Prepare the journal entry (if any)...
Grouper Company in its first year of operations provides the following information related to one of its available- for-sale debt securities at December 31, 2020. Amortized cost Fair value Expected credit losses $51,800 43,600 12,950 What is the amount of the credit loss that Grouper should report on this available-for-sale security at December 31, 2020? Amount of the credit loss e Textbook and Media List of Accounts Prepare the journal entry to record the credit loss, if any (and any...
Pearl Company in its first year of operations provides the following information related to one of its available-for-sale debt securities at December 31, 2020, Amortized cost Fair value Expected credit losses $51,400 42.800 12.750 What is the amount of the credit loss that Pearl should report on this available-for-sale security at December 31, 2020? Amount of the credit loss $ eTextbook and Media List of Accounts Prepare the journal entry to record the credit loss, if any (and any other...
Presented below is information related to equipment owned by Blue Company at December 31, 2020, Cost Accumulated depreciation to date Expected future net cash flows Fair value $10.980,000 1,220,000 8,540,000 5,856,000 Blue intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $24,400. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the...
Presented below is information related to equipment owned by Sunland Company at December 31, 2020 $10,170,000 Cost Accumulated depreciation to date 1,130,000 7,910,000 Expected future net cash flows Fair value 5,424,000 Assume that Sunland will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required,...
Presented below is information related to equipment owned by Bonita Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,810,000 1,090,000 7,630,000 5,232,000 Bonita intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $21,800. As of December 31, 2020, the equipment has a remaining useful life of 4 years. Prepare the journal entry (if any) to record the impairment of the...
Presented below is information related to equipment owned by Wildhorse Company at December 31, 2020. Cost $10,620,000 Accumulated depreciation to date 1,180,000 Expected future net cash flows 8,260,000 Fair value 5,664,000 Assume that Wildhorse will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required,...
Presented below is information related to equipment owned by Marigold Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,360,000 1,040,000 7,280,000 4,992,000 Assume that Marigold will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Your answer is partially correct. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020....
Presented below is information related to equipment owned by Nash Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,180,000 1,020,000 7,140,000 4,896,000 Nash intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $20,400. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the...
Presented below is Information related to equipment owned by Waterway Company at December 31, 2020. Cost Accumulated depreciation to date Expected futurc nct cash flows Fair value $10.710,000 1,190,000 8.330,000 5,712.000 Assume that Waterway will continue to use this assct in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required,...
Presented below is information related to equipment owned by Skysong Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,540,000 1,060,000 7,420,000 5,088,000 Skysong intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $21,200. As of December 31, 2020, the equipment has a remaining useful life of 5 years. - Your answer is partially correct. Prepare the journal entry (if any)...
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