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Presented below is information related to equipment owned by Windsor Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,720,000 1,080,000 7,560,000 5,184,000 Windsor intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $21,600. As of December 31, 2020, the equipment has a remaining useful life of 5 years. - Your answer is partially currect. Prepare the journal entry (if anyl...
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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...
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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...
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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...
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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...
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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...
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Presented below is information related to equipment owned by Bonita Company at December 31, 2020. Cost $9,810,000 Accumulated depreciation to date 1,090,000 Expected future net cash flows 7,630,000 Fair value 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...
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Presented below is information related to equipment owned by Windsor Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,720,000 1,080,000 7,560,000 5,184,000 Assume that Windsor will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required, select "No...
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Presented below is information related to equipment owned by Bramble Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $10,260,000 1,140,000 7,980,000 5,472,000 Bramble intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $22,800. 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...
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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)...
Presented below is information related to equipment owned by Windsor Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,720,000 1,080,000 7,560,000 5,184,000 Windsor intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $21,600. As of December 31, 2020, the equipment has a remaining useful life of 5 years. - Your answer is partially currect. Prepare the journal entry (if anyl...
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, 2020. Cost $9,810,000 Accumulated depreciation to date 1,090,000 Expected future net cash flows 7,630,000 Fair value 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 Windsor Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,720,000 1,080,000 7,560,000 5,184,000 Assume that Windsor will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required, select "No...
Presented below is information related to equipment owned by Bramble Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $10,260,000 1,140,000 7,980,000 5,472,000 Bramble intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $22,800. 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...
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)...