Homework Answers
| Loss on impairment - goodwill | 90,000 | |
| Goodwill | 90,000 | |
(720,000-630,000)
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Brief Exercise 131 Weaver Corporation purchased Merando Company 3 years ago and at that time recorded...
Concord Corporation purchased Skysong Company 3 years ago and at that time recorded goodwill of $460,000....
Concord Corporation purchased Skysong Company 3 years ago and at that time recorded goodwill of $460,000. The Skysong Division's net assets, including the goodwill, have a carrying amount of $920,000. The fair value of the division is estimated to be $1,130,000. Prepare Concords' journal entry, if necessary, to record impairment of the goodwill. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and...
Ayayai Corporation purchased Kingbird Company 3 years ago and at that time recorded goodwill of $300,000....
Ayayai Corporation purchased Kingbird Company 3 years ago and at that time recorded goodwill of $300,000. The Kingbird Division’s net assets, including the goodwill, have a carrying amount of $650,000. The fair value of the division is estimated to be $590,000. Prepare Ayayais' journal entry, if necessary, to record impairment of the goodwill. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and...
Brief Exercise 12-8 Your answer is partially correct. Try again. Pina Colada Corporation purchased Johnson Company...
Brief Exercise 12-8 Your answer is partially correct. Try again. Pina Colada Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $430,000. The Johnson Division's net assets, including the goodwill have a carrying amount of $70,000. The fair value of the division is estimated to be 5816,000 and the implied goodwill is $376,000. Prepare Pina Colada journal entry to record impairment of the goodwill. (Credit account titles are automatically indented when amount is entered. Do...
Jen Corp. purchased Tina Co. 4 years ago and at that time recorded goodwill of $500,000....
Jen Corp. purchased Tina Co. 4 years ago and at that time recorded goodwill of $500,000. The Sinks Division's net assets, including goodwill, have a carrying amount of $1,100,000. The fair value of the division is estimated to be $1,000,000.The fair value of the division ($1,000,000) is less than the carrying amount of its assets ($1,100,000). Therefore, goodwill is not impaired. A) Impairment loss should be always recorded regardless of the assessment. B) Unfortunately, the assessment is incorrect since an...
Bridgeport Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $310,000....
Bridgeport Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $310,000. The Johnson Division’s net assets, including the goodwill, have a carrying amount of $620,000. The fair value of the division is estimated to be $830,000. Prepare Bridgeport journal entry to record impairment of the goodwill.
On June 1, Merando Company borrows $90,000 from First Bank on a 6-month, $90,000, 8% note....
On June 1, Merando Company borrows $90,000 from First Bank on a
6-month, $90,000, 8% note.
Prepare the entry on June 1. (Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
Date
Account Titles and Explanation
Debit
Credit
June 1
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Prepare the adjusting entry on June 30. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit...
Exercise 11-16 Presented below is information related to equipment owned by Cheyenne Company at December 31,...
Exercise 11-16 Presented below
is information related to equipment owned by Cheyenne 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 Assume that Cheyenne will continue to use this asset in
the future. 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 asset at December 31, 2017. (If no
entry...
Exercise 2-10 On January 1, 2013, Porsche Company acquired the net assets of Saab Company for...
Exercise 2-10
On January 1, 2013, Porsche Company acquired the net assets of Saab
Company for $449,660 cash. The fair value of Saab’s identifiable
net assets was $375,570 on this date. Porsche Company decided to
measure goodwill impairment using the present value of future cash
flows to estimate the fair value of the reporting unit (Saab). The
information for these subsequent years is as follows:
Year
Present Value
of Future Cash Flows
Carrying Value of
Saab’s Identifiable
Net Assets*
Fair...
Exercise 12-13 Presented below is information related to copyrights owned by Blossom Company at December 31,...
Exercise 12-13 Presented below is information related to copyrights owned by Blossom Company at December 31, 2017. Cost Carrying amount Expected future net cash flows Fair value $8,670,000 4,400,000 4,020,000 3,360,000 Assume that Blossom Company will continue to use this copyright in the future. As of December 31, 2017, the copyright is estimated to have a remaining useful life of 10 years. Prepare the journal entry to record the impairment of the asset at December 31, 2017. The company does...
Brief Exercise 15-03 a-c Cullumber Corporation issued 3,300, 7%, 5-year, $1,000 bonds dated January 1, 2020,...
Brief Exercise 15-03 a-c Cullumber Corporation issued 3,300, 7%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Janaury 1, 2020 LINK TO TEXT Prepare the adjusting journal entry on December 31, 2020, to record interest expense. (Credit...
Concord Corporation purchased Skysong Company 3 years ago and at that time recorded goodwill of $460,000. The Skysong Division's net assets, including the goodwill, have a carrying amount of $920,000. The fair value of the division is estimated to be $1,130,000. Prepare Concords' journal entry, if necessary, to record impairment of the goodwill. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and...
Brief Exercise 12-8 Your answer is partially correct. Try again. Pina Colada Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $430,000. The Johnson Division's net assets, including the goodwill have a carrying amount of $70,000. The fair value of the division is estimated to be 5816,000 and the implied goodwill is $376,000. Prepare Pina Colada journal entry to record impairment of the goodwill. (Credit account titles are automatically indented when amount is entered. Do...
On June 1, Merando Company borrows $90,000 from First Bank on a
6-month, $90,000, 8% note.
Prepare the entry on June 1. (Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
Date
Account Titles and Explanation
Debit
Credit
June 1
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Prepare the adjusting entry on June 30. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit...
Exercise 11-16 Presented below
is information related to equipment owned by Cheyenne 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 Assume that Cheyenne will continue to use this asset in
the future. 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 asset at December 31, 2017. (If no
entry...
Exercise 2-10
On January 1, 2013, Porsche Company acquired the net assets of Saab
Company for $449,660 cash. The fair value of Saab’s identifiable
net assets was $375,570 on this date. Porsche Company decided to
measure goodwill impairment using the present value of future cash
flows to estimate the fair value of the reporting unit (Saab). The
information for these subsequent years is as follows:
Year
Present Value
of Future Cash Flows
Carrying Value of
Saab’s Identifiable
Net Assets*
Fair...
Exercise 12-13 Presented below is information related to copyrights owned by Blossom Company at December 31, 2017. Cost Carrying amount Expected future net cash flows Fair value $8,670,000 4,400,000 4,020,000 3,360,000 Assume that Blossom Company will continue to use this copyright in the future. As of December 31, 2017, the copyright is estimated to have a remaining useful life of 10 years. Prepare the journal entry to record the impairment of the asset at December 31, 2017. The company does...
Brief Exercise 15-03 a-c Cullumber Corporation issued 3,300, 7%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Janaury 1, 2020 LINK TO TEXT Prepare the adjusting journal entry on December 31, 2020, to record interest expense. (Credit...
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10. Complete the table below
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AL CODE
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