Homework Answers
| a | ||
| Impairment loss | ||
| Case A | 0 | As recoverable cost exceeds carrying value |
| Case B | 0 | As recoverable cost exceeds carrying value |
| Case C | 18000 | =36000-18000 |
| Account Name | Dr. | Cr. |
| Loss on Impairment | 18000 | 0 |
| Accumulated Depreciation | 0 | 18000 |
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Identifying and Recording Impairment Loss on Plant Asset Three cases are provided below concerning a plant...
Identifying and Recording Impairment Loss on Plant Asset Three cases are provided below concerning a plant...
Identifying and Recording Impairment Loss on Plant Asset Three cases are provided below concerning a plant asset currently used in operations. Case Carrying Value Recoverable Cost Fair Value A $24,000 $36,000 $27,000 27,000 39,000 24,000 36,000 24,000 18,000 B с C Required a. Which case(s), if any, requires an impairment loss to be recognized, and for what amount? Assume that indicators of impairment are present in all cases. Note: If the asset is not impaired, enter a zero (or leave...
Identifying and Recording Impairment Loss on Plant Asset Three cases are provided below concerning a plant...
Identifying and Recording Impairment Loss on Plant Asset Three cases are provided below concerning a plant asset currently used in operations. Case Carrying Value Recoverable Cost Fair Value $24,000 $36,000 $27,000 27,000 39,000 24,000 36,000 24,000 18,000 А B С Required a. Which case(s), if any, requires an impairment loss to be recognized, and for what amount? Assume that indicators of impairment are present in all cases. Note: If the asset is not impaired, enter a zero (or leave blank)...
Recording Impairment Loss on Asset Held for Sale Three cases are provided below concerning a plant...
Recording Impairment Loss on Asset Held for Sale Three cases are provided below concerning a plant asset currently held for sale. Accumulated Case Original Cost Depreciation Fair Value Selling Costs $192,000 $100,000 $90,000 $3,000 90,000 2,000 60,000 2,000 560,000 300,000 280,000 14,000 3 a. Which cases(s), if any, require an impairment loss to be recognized, and for what amount? Note: If the asset is not impaired, enter a zero (or leave blank) for the loss. Note: Do not add any...
Three cases are provided below concerning a plant asset currently held for sale. Exercise 12-77 Recording...
Three cases are provided below concerning a plant asset currently held for sale. Exercise 12-77 Recording Impairment Loss on Asset Held for Sale LO8 Case Original Cost Selling Costs Accumulated Depreciation 50,000 150,000 Fair Value 2 3 $96,000 45,000 280,000 45,000 30,000 140,000 $1,500 1,000 7,000 1,000 Which cases(s), if any, require an impairment loss to be recognized, and for what amount? Record the entry for the impairment loss on the case(s) identified in part a (if any). a. b.
Recording Impairment Loss on Asset Held for Sale Down Manufacturing Company has a small facility called...
Recording Impairment Loss on Asset Held for Sale Down Manufacturing Company has a small facility called Plant XT that has not been used for several years because of low product demand. The company does not expect to use the facility in the foreseeable future. Efforts are being made to sell the plant for $700,000, but a realistic recovery amount is $400,000 (net of disposal costs). The accounting records show cost, $2,900,000; accumulated depreciation, $1,600,000. Required a. Provide the entry that...
M9-8 Recording Asset Impairment Losses [LO 9-4, LO 9-5] After recording depreciation for the current year,...
M9-8 Recording Asset Impairment Losses [LO 9-4, LO 9-5] After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing equipment. The equlpment had cost $750,000, accumulated depreciation was $550,000, and its fair value (based on estimated future cash flows from selling the equlpment) was $50,000. 1. Determine whether the equipment is Impaired 2. Prepare the journal entries to record the Impaired asset Complete this question by entering your answers in the tabs below. Required...
M9-8 Recording Asset Impairment Losses (LO 9-4, LO 9-5) After recording depreciation for the current year, Media Mania...
M9-8 Recording Asset Impairment Losses (LO 9-4, LO 9-5) After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing equipment. The equipment had cost $750,000, accumulated depreciation was $550,000, and its fair value (based on estimated future cash flows from selling the equipment) was $50,000. 1. Determine whether the equipment is impaired. 2. Prepare the journal entries to record the impaired asset. Determine whether the equipment is impaired. The fair value is and the...
After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing...
After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing equipment. The equipment had cost $738,000, accumulated depreciation was $515,000, and its fair value (based on estimated future cash flows from selling the equipment) was $36,000. 1. Determine whether the equipment is impaired. 2. Prepare the journal entries to record the impairment in asset if any. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine whether the...
After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing...
After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing equipment. The equipment had cost $746,000, accumulated depreciation was $541,000, and its fair value (based on estimated future cash flows from selling the equipment) was $45,000. 1. Determine whether the equipment is impaired. 2. Prepare the journal entries to record the impairment asset if any Complete this question by entering your answers in the tabs below. Required Required 1 Determine whether the equipment is...
The following four Cases make different assumptions with respect to the amounts of income and deductions...
The following four Cases make different assumptions with respect to the amounts of income and deductions of Mr. John for the current year in India: Case I Case II Case III Case IV Employment Income 35,000 33,000 16,000 28,000 Income (Loss) From Business (10,000) (39,000) 22,000 15,000 Income (Loss) From Property 12,000 14,000 (21,000) (36,000) Taxable Capital Gains 42,000 36,000 32,000 21,000 Allowable Capital Losses (18,000) (42,000) (69,000) (27,000) Subdivision e Deductions (80C) (4,000) (7,000) (5,000) (11,000) a....
Identifying and Recording Impairment Loss on Plant Asset Three cases are provided below concerning a plant asset currently used in operations. Case Carrying Value Recoverable Cost Fair Value A $24,000 $36,000 $27,000 27,000 39,000 24,000 36,000 24,000 18,000 B с C Required a. Which case(s), if any, requires an impairment loss to be recognized, and for what amount? Assume that indicators of impairment are present in all cases. Note: If the asset is not impaired, enter a zero (or leave...
Identifying and Recording Impairment Loss on Plant Asset Three cases are provided below concerning a plant asset currently used in operations. Case Carrying Value Recoverable Cost Fair Value $24,000 $36,000 $27,000 27,000 39,000 24,000 36,000 24,000 18,000 А B С Required a. Which case(s), if any, requires an impairment loss to be recognized, and for what amount? Assume that indicators of impairment are present in all cases. Note: If the asset is not impaired, enter a zero (or leave blank)...
Recording Impairment Loss on Asset Held for Sale Three cases are provided below concerning a plant asset currently held for sale. Accumulated Case Original Cost Depreciation Fair Value Selling Costs $192,000 $100,000 $90,000 $3,000 90,000 2,000 60,000 2,000 560,000 300,000 280,000 14,000 3 a. Which cases(s), if any, require an impairment loss to be recognized, and for what amount? Note: If the asset is not impaired, enter a zero (or leave blank) for the loss. Note: Do not add any...
Three cases are provided below concerning a plant asset currently held for sale. Exercise 12-77 Recording Impairment Loss on Asset Held for Sale LO8 Case Original Cost Selling Costs Accumulated Depreciation 50,000 150,000 Fair Value 2 3 $96,000 45,000 280,000 45,000 30,000 140,000 $1,500 1,000 7,000 1,000 Which cases(s), if any, require an impairment loss to be recognized, and for what amount? Record the entry for the impairment loss on the case(s) identified in part a (if any). a. b.
Recording Impairment Loss on Asset Held for Sale Down Manufacturing Company has a small facility called Plant XT that has not been used for several years because of low product demand. The company does not expect to use the facility in the foreseeable future. Efforts are being made to sell the plant for $700,000, but a realistic recovery amount is $400,000 (net of disposal costs). The accounting records show cost, $2,900,000; accumulated depreciation, $1,600,000. Required a. Provide the entry that...
M9-8 Recording Asset Impairment Losses [LO 9-4, LO 9-5] After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing equipment. The equlpment had cost $750,000, accumulated depreciation was $550,000, and its fair value (based on estimated future cash flows from selling the equlpment) was $50,000. 1. Determine whether the equipment is Impaired 2. Prepare the journal entries to record the Impaired asset Complete this question by entering your answers in the tabs below. Required...
M9-8 Recording Asset Impairment Losses (LO 9-4, LO 9-5) After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing equipment. The equipment had cost $750,000, accumulated depreciation was $550,000, and its fair value (based on estimated future cash flows from selling the equipment) was $50,000. 1. Determine whether the equipment is impaired. 2. Prepare the journal entries to record the impaired asset. Determine whether the equipment is impaired. The fair value is and the...
After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing equipment. The equipment had cost $738,000, accumulated depreciation was $515,000, and its fair value (based on estimated future cash flows from selling the equipment) was $36,000. 1. Determine whether the equipment is impaired. 2. Prepare the journal entries to record the impairment in asset if any. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine whether the...
After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing equipment. The equipment had cost $746,000, accumulated depreciation was $541,000, and its fair value (based on estimated future cash flows from selling the equipment) was $45,000. 1. Determine whether the equipment is impaired. 2. Prepare the journal entries to record the impairment asset if any Complete this question by entering your answers in the tabs below. Required Required 1 Determine whether the equipment is...
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