On December 31, 2020, Patriarch, Inc. determined to sell a group of assets within its meat processing plant, as it believed a newly introduced set of machineries would be more economical for the company. The assets that it wanted to sell had the following carrying amounts:   Machinery 2,200,000 Accumulated depreciation 1,200,000 Machinery tools 380,000 Machinery parts 220,000   The management of Patriarch, Inc. calculated the fair value (based on active market for similar assets) less cost to sell of the disposal group to be P1,400,000.   The assets were sold on March 17, 2021 for P1,520,000

Zara corporation decided to exchange its old machine that costs $100,000 with a new one. On January 1, 2020, the company exchanged the old machine for a new one paying $15,000 cash and giving the old machine. On the date of exchange the old machine had an accumulated depreciation of $60,000 and fair value of $80,000. As a result of the exchange the company recognized: * O Gain $40,000 Gain $20,000 O Loss $45,000 O Loss $65,000 No gain or Lss Back Next Page 11 of 12

Sunland Homes Company is considering the acquisition of Oriole, Inc. early in 2025. To assess the amount, it might be willing to pay. Sunland Homes makes the following computations and assumptions. A B Oriole, Inc. has identifiable assets with a total fair value of $15,030,000 and liabilities of $8,815,000. The assets include office equipment with a fair value approximating book value, buildings with a fair value 30% higher than book value, and land with a fair value 75% higher than book value. The remaining lives of the assets are deemed to be approximately equal to those used by Oridle, Inc. Oriole, Inc's pretax incomes for the years 2022 through 2024 were $1,200,900, $1,500,800, and $955,000, respectively. Sunland Homes believes that an average of these earnings represents a fair estimate of annual earnings for the indefinite future. However, it may need to consider adjustments to the following items included in pretax eamings: Depreciation on buildings (each year) C 962,900…

Jacky Inc. purchased Manzanita Marine on June 1, 2015 for $25,000,000 and recorded goodwill of $3,100,000 in connection with the purchase. At December 31, 2018, the Manzanita Marine Division had a fair value of $25,400,000. The net assets of Manzanita (including goodwill) had a fair value of $24,900,000 at that time. What amount of loss on impairment of goodwill should Jacky record in 2018?