Exercise 11-17 (Part Level Submission) Presented below is information related to equipment owned by Suarez Company at December 31, 2014. Cost $ 15,597,000 Accumulated depreciation to date 1,733,000 Expected future net cash flows 12,131,000 Fair value 8,318,400 Suarez intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $ 34,660 . As of December 31, 2014, the equipment has a remaining useful life of 5 years. (a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2014. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31
(a)
Date | General Journal | Debit | Credit |
Dec. 31 | Loss on Impairment($15,597,000 - $1,733,000 - $8,318,400) | $5,545,600 | |
Accumulated Depreciation-Equipment | $5,545,600 |
Exercise 11-17 (Part Level Submission) Presented below is information related to equipment owned by Suarez Company...
Exercise 11-17 (Part Level Submission) Presented below is information related to equipment owned by Pearl Company at December 31, 2017, Cost Accumulated depreciation to date 1,070,000 Expected future net cash flows Fair value $9,630,000 7,490,000 5,136,000 Pearl intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $21,400. As of December 31, 2017, the equipment has a remaining useful life of 4 years. ▼ (a) Prepare the journal entry (if...
Exercise 11-17 (Part Level Submission) Presented below is information related to equipment owned by Pharoah Company at December 31, 2017. Cost $9,630,000 Accumulated depreciation to date 1,070,000 Expected future net cash flows 7,490,000 Fair value 5,136,000 Pharoah intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $21,400. As of December 31, 2017, the equipment has a remaining useful life of 4 years. Warning Don't show me this message again...
Exercise 11-17 Presented below is information related to equipment owned by Metlock Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,900,000 1,100,000 7,700,000 5,280,000 Metlock intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $22,000. 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...
Current Attempt in Progress 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 3 equipment has a remaining useful life of 5 years. la) Prepare the journal entry (if any) to record the...
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 Kingbird Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $10,890,000 1,210,000 8,470,000 5,808,000 Kingbird intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $24,200. 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 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 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 Blossom Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $11,070,000 1,230,000 8,610,000 5,904,000 Blossom intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $24,600. 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 Bonita Company at December 31, 2017. Cost $10,800,000 Accumulated depreciation to date 1,200,000 Expected future net cash flows 8,400,000 Fair value 5,760,000 Bonita intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $24,000. As of December 31, 2017, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the...