Sunland Corporation owns a patent that has a carrying amount of $648,000. Sunland expects future net...
Sunland Corporation owns a patent that has a carrying amount of
$648,000. Sunland expects future net cash flows from this patent to
total $405,000. The fair value of the patent is $502,200.
Prepare journal entry, if necessary, to record the loss on
impairment. (Credit account titles are automatically
indented when the amount is entered. Do not indent
manually.)
|
Account Titles and Explanation |
Debit |
Credit |
|
|
|
|
|
|
|
|
Homework Answers
| Account | Debit | Credit |
|---|---|---|
| Loss on impairment | 142,800 | |
| Patents | 142,800 |
(648,000-505,200)
Comment if you face any issues
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Sunland Corporation owns a patent that has a carrying amount of $648,000. Sunland expects future net...
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explanation very appreciated Marigold Company owns equipment that cost $936,000 and has accumulated depreciation of $395,200....
explanation very appreciated
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explanation very appreciated
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