Homework Answers
| Computation of Impairment Loss | |
| Book Value of Equipment | $200,000.00 |
| ( Cost
of Equipment - Accumulated Dep) (750000-550000) |
|
| Less: Fair Value of Asset | $50,000.00 |
| Impairment Loss | $150,000.00 |
| Journal Entry- Media Mania | |||
| S. No. | Account Tittle | Debit | Credti |
| a. | Accumulated Depreciaiton | $550,000.00 | |
| Equipment | $550,000.00 | ||
| b. | Impairment Loss | $150,000.00 | |
| Equipment | $150,000.00 | ||
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M9-8 Recording Asset Impairment Losses (LO 9-4, LO 9-5) After recording depreciation for the current year, Media Mania...
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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...
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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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After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing equipment. The equipment had cost $736,000, accumulated depreciation was $512,000, and its fair value (based on estimated future cash flows from selling the equipment) was $34,000. 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...
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Required information PA9-3 Analyzing and Recording Long-Lived Asset Transactions with Partial-Year Depreciation (LO 9-2, LO 9-3, LO 9-6] [The following information applies to the questions displayed below.) Precision Construction entered into the following transactions during a recent year. January 2 Purchased a bulldozer for $258,000 by paying $24,000 cash and signing a $234,000 note due in five years. January 3 Replaced the steel tracks on the bulldozer at a cost of $24,000, purchased on account. The new steel tracks increase...
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