Homework Answers
| Account Title | Debit | Credit |
| Loss On Impairment | $ 22,700.00 | |
|
Accumulated Impairment Loss - Building (22700*30530/(30530+12470)) |
$ 16,117.00 | |
|
Accumulated Impairment Loss -Equipment (22700*12470/(30530+12470)) |
$ 6,583.00 |
Impairment loss is allocated to building and equipment in ratio of their carrying value i.e. 30530:12470
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Skysong Ltd. is a manufacturer of computer network equipment and has just recently adopted IFRS. The...
Skysong Ltd. is a manufacturer of computer network equipment and has just recently adopted IFRS. The...
Skysong Ltd. is a manufacturer of computer network equipment and has just recently adopted IFRS. The wireless division is a cash-generating unit or asset group that has the following carrying amounts for its net assets: land, $21,700; buildings, $30,530; and equipment, $12,470. The undiscounted net future cash flows from use and eventual disposal of the wireless division are $64,500, and the present value of these cash flows is $42,000. The land can be sold immediately for $31,500; however, the buildings...
Presented below is information related to equipment owned by Skysong Company at December 31, 2020. Cost...
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 net asset information related to the Skysong Division of Santana, Inc. Skysong Division...
Presented below is net asset information related to the Skysong Division of Santana, Inc. Skysong Division Net Assets As of December 31, 2020 (in millions) Cash $68 Accounts receivable 201 Property, plant, and equipment (net) 2,612 Goodwill 218 Less: Notes payable (2,607 ) Net assets $492 The purpose of the Skysong Division is to develop a nuclear-powered aircraft. If successful, traveling delays associated with refueling could be substantially reduced. Many other benefits would also occur. To date, management has not...
Presented below is net asset information related to the Skysong Division of Santana, Inc. Skysong Division...
Presented below is net asset information related to the Skysong Division of Santana, Inc. Skysong Division Net Assets As of December 31, 2020 (in millions) Cash $68 Accounts receivable 201 Property, plant, and equipment (net) 2,612 Goodwill 218 Less: Notes payable (2,607 ) Net assets $492 The purpose of the Skysong Division is to develop a nuclear-powered aircraft. If successful, traveling delays associated with refueling could be substantially reduced. Many other benefits would also occur. To date, management has not...
Exercise 12-14 Presented below is net asset information related to the Skysong Division of Santana, Inc...
Exercise 12-14 Presented below is net asset information related to the Skysong Division of Santana, Inc SKYSONG DIVISION NET ASSETS AS OF DECEMBER 31, 2017 (IN HILLIONS) Cash Accounts receivable Property, plant, and equipment (net) Goodwill Less: Notes payable Net assets $68 201 2,612 218 (2,607) $492 The purpose of the Skysong Division is to develop a nuclear-powered aircraft. If successful, traveling delays associated with refueling could be substantially reduced. Many other benefits would also occur. To date, management has...
Presented below is information related to equipment owned by Skysong Company at December 31, 2020. $9,540,000...
Presented below is information related to equipment owned by Skysong Company at December 31, 2020. $9,540,000 Cost Accumulated depreciation to date 1,060,000 Expected future net cash flows 7,420,000 Fair value 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. Prepare the journal entry (if any) to record the impairment of the asset...
Question 2 At January 1, 2018, Crane Limited reported the following property, plant, and equipment accounts:...
Question 2 At January 1, 2018, Crane Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings Equipment Land $62,800,000 52,600,000 89,700,000 162,600,000 18,100,000 The company uses straight-line depreciation for buildings and equipment, its year end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no residual value; the equipment is estimated to have a 10-year useful life and no residual value. During 2018, the...
Splish Company owns equipment that cost $1,116,000 and has accumulated depreciation of $471,200. The expected future...
Splish Company owns equipment that cost $1,116,000 and has accumulated depreciation of $471,200. The expected future net cash flows from the use of the asset are expected to be $620,000. The fair value of the equipment is $496,000. Prepare the journal entry, if any, to record the impairment loss. (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...
explanation very appreciated Marigold Company owns equipment that cost $936,000 and has accumulated depreciation of $395,200....
explanation very appreciated
Marigold Company owns equipment that cost $936,000 and has accumulated depreciation of $395,200. The expected future net cash flows from the use of the asset are expected to be $520,000. The fair value of the equipment is $416,000. Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered....
At January 1, 2018, Sunland Limited reported the following property, plant, and equipment accounts: Accumulated depreciation—buildings...
At January 1, 2018, Sunland Limited reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$59,500,000
Accumulated depreciation—equipment
57,100,000
Buildings
102,500,000
Equipment
152,600,000
Land
20,600,000
The company uses straight-line depreciation for buildings and
equipment, its year end is December 31, and it makes adjusting
entries annually. The buildings are estimated to have a 40-year
useful life and no residual value; the equipment is estimated to
have a 10-year useful life and no residual value.
During 2018, the following selected...
Skysong Ltd. is a manufacturer of computer network equipment and has just recently adopted IFRS. The wireless division is a cash-generating unit or asset group that has the following carrying amounts for its net assets: land, $21,700; buildings, $30,530; and equipment, $12,470. The undiscounted net future cash flows from use and eventual disposal of the wireless division are $64,500, and the present value of these cash flows is $42,000. The land can be sold immediately for $31,500; however, the buildings...
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)...
Exercise 12-14 Presented below is net asset information related to the Skysong Division of Santana, Inc SKYSONG DIVISION NET ASSETS AS OF DECEMBER 31, 2017 (IN HILLIONS) Cash Accounts receivable Property, plant, and equipment (net) Goodwill Less: Notes payable Net assets $68 201 2,612 218 (2,607) $492 The purpose of the Skysong Division is to develop a nuclear-powered aircraft. If successful, traveling delays associated with refueling could be substantially reduced. Many other benefits would also occur. To date, management has...
Presented below is information related to equipment owned by Skysong Company at December 31, 2020. $9,540,000 Cost Accumulated depreciation to date 1,060,000 Expected future net cash flows 7,420,000 Fair value 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. Prepare the journal entry (if any) to record the impairment of the asset...
Question 2 At January 1, 2018, Crane Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings Equipment Land $62,800,000 52,600,000 89,700,000 162,600,000 18,100,000 The company uses straight-line depreciation for buildings and equipment, its year end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no residual value; the equipment is estimated to have a 10-year useful life and no residual value. During 2018, the...
explanation very appreciated
Marigold Company owns equipment that cost $936,000 and has accumulated depreciation of $395,200. The expected future net cash flows from the use of the asset are expected to be $520,000. The fair value of the equipment is $416,000. Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered....
At January 1, 2018, Sunland Limited reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$59,500,000
Accumulated depreciation—equipment
57,100,000
Buildings
102,500,000
Equipment
152,600,000
Land
20,600,000
The company uses straight-line depreciation for buildings and
equipment, its year end is December 31, and it makes adjusting
entries annually. The buildings are estimated to have a 40-year
useful life and no residual value; the equipment is estimated to
have a 10-year useful life and no residual value.
During 2018, the following selected...
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