Homework Answers
Answer is $25,000
Book Value of Equipment = Cost of Equipment - Accumulated
Depreciation
Book Value of Equipment = $210,000 - $140,000
Book Value of Equipment = $70,000
Impairment Loss = Book Value of Equipment - Recoverable
Amount
Impairment Loss = $70,000 - $45,000
Impairment Loss = $25,000
Anali will be required to record an impairment loss of $25,000
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Testbank, Question 105 Anali Corporation has determined that its drilling equipment is impaired. The cost of...
Testbank, Question 105 Anali Corporation has determined that its drilling equipment is impaired. The cost of...
Testbank, Question 105 Anali Corporation has determined that its drilling equipment is impaired. The cost of the equipment is $210,000. Accumulated depreciation recorded to date is $140,000. Ana has determined, that based on market data, the recoverable amount will be $45,000. Determine the amount of the impairment loss that Anal will be required to record. O $70,000 O $25,000 $210,000 $45,000
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Just explain the part I added red notice for it( please show me numbers, the calculation,...
Just explain the part I added red notice for it( please show me
numbers, the calculation, what to add multiple, dividend to get
this result
Refrence
Deegan. (2016). Financial Accounting . McGraw-Hill
Education, Australia
REVIEW QULSIUN TWELVE Zoro Ltd has determined that its China division is a cash-generating unit. The carrying amounts of the assets at 30 June 2014 are as follows: Factory Land Equipment Machinery $210,000 $150,000 $120,000 $60,000 Zoro Ltd calculated the value in use of the division...
Just explain the part I added red notice for it, only how to get 390000( please...
Just explain the part I added red notice for it, only how to get
390000( please show me numbers, the calculation, what to add
multiple, dividend to get this result
Refrence
Deegan. (2016). Financial Accounting . McGraw-Hill
Education, Australia
REVIEW QULSIUN TWELVE Zoro Ltd has determined that its China division is a cash-generating unit. The carrying amounts of the assets at 30 June 2014 are as follows: Factory Land Equipment Machinery $210,000 $150,000 $120,000 $60,000 Zoro Ltd calculated the value...
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Testbank, Question 105 Anali Corporation has determined that its drilling equipment is impaired. The cost of the equipment is $210,000. Accumulated depreciation recorded to date is $140,000. Ana has determined, that based on market data, the recoverable amount will be $45,000. Determine the amount of the impairment loss that Anal will be required to record. O $70,000 O $25,000 $210,000 $45,000
Sandhill Ltd. purchased equipment on January 1, 2015 at a cost of $182,680. The equipment has an estimated useful life of 10 years and a residual value of $10,720. Sandhill realized that there was a declining demand for the product being produced by the equipment. Given this indicator of possible impairment, management determined that the recoverable amount of the asset on December 31, 2018 was $97,530. The company uses the straight-line method of depreciation. (b) Record the impairment loss, if...
Zeibart Company purchases equipment for
$225,000 on July 1, 2016, with an estimated useful life of 10 years
and expected salvage value of $25,000. Straight-line depreciation
is used. On July 1, 2020, economic factors cause the market value
of the equipment to decline to $90,000. On this date, Zeibart
examines the equipment for impairment and estimates $125,000 in
future cash inflows related to use of this equipment.
a. Is the equipment impaired at July 1, 2020?
AnswerYesNo
b. If the...
Just explain the part I added red notice for it( please show me
numbers, the calculation, what to add multiple, dividend to get
this result
Refrence
Deegan. (2016). Financial Accounting . McGraw-Hill
Education, Australia
REVIEW QULSIUN TWELVE Zoro Ltd has determined that its China division is a cash-generating unit. The carrying amounts of the assets at 30 June 2014 are as follows: Factory Land Equipment Machinery $210,000 $150,000 $120,000 $60,000 Zoro Ltd calculated the value in use of the division...
Just explain the part I added red notice for it, only how to get
390000( please show me numbers, the calculation, what to add
multiple, dividend to get this result
Refrence
Deegan. (2016). Financial Accounting . McGraw-Hill
Education, Australia
REVIEW QULSIUN TWELVE Zoro Ltd has determined that its China division is a cash-generating unit. The carrying amounts of the assets at 30 June 2014 are as follows: Factory Land Equipment Machinery $210,000 $150,000 $120,000 $60,000 Zoro Ltd calculated the value...
Presented below is information related to equipment owned by Whispering Company at December 31, 2020. Cost (residual value $0) Accumulated depreciation to date Value-in-use Fair value less cost of disposal $8,924,900 995,900 5.510,000 4,395,380 Assume that Whispering will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 8 years. Whispering uses straight-line depreciation. la) Your answer is correct. Prepare the journal entry (if any) to record the impairment...
Sandhill Ltd. purchased equipment on January 1, 2015 at a cost of $182,680. The equipment has an estimated useful life of 10 years and a residual value of $10,720. Sandhill realized that there was a declining demand for the product being produced by the equipment. Given this indicator of possible impairment, management determined that the recoverable amount of the asset on December 31, 2018 was $97,530. The company uses the straight-line method of depreciation. Calculate the annual depreciation and the...
Ivanhoe Ltd. purchased equipment on January 1, 2015 at a cost of $173,030. The equipment has an estimated useful life of 10 years and a residual value of $9,740. Ivanhoe realized that there was a declining demand for the product being produced by the equipment. Given this indicator of possible impairment, management determined that the recoverable amount of the asset on December 31, 2018 was $101,290. The company uses the straight-line method of depreciation. Calculate the annual depreciation and the...
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