Presented below is information related to copyrights owned by Wamser Corporation at December 31, 2014. Cost $2,700,000 Carrying amount 2,350,000 Recoverable amount 1,500,000 Assume Wamser will continue to use this asset in the future. As of December 31, 2014, the copyrights have a remaining useful life of 5 years. Instructions (a) The recoverable amount of the copyright at December 31, 2015 is $1,600,000. Prepare the journal entry necessary to record this increase in fair value.
Presented below is information related to copyrights owned by Wamser Corporation at December 31, 2014. Cost $2,700,000 Carrying amount 2,350,000 Recoverable amount 1,500,000 Assume Wamser will continue to use this asset in the future. As of December 31, 2014, the copyrights have a remaining useful life of 5 years. Instructions (a) The recoverable amount of the copyright at December 31, 2015 is $1,600,000. Prepare the journal entry necessary to record this increase in fair value.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 2RE: Akron Incorporated purchased an asset at the beginning of Year 1 for 375,000. The estimated residual...
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Presented below is information related to copyrights owned by Wamser Corporation at December 31, 2014.
Cost $2,700,000
Carrying amount 2,350,000
Recoverable amount 1,500,000
Assume Wamser will continue to use this asset in the future. As of December 31, 2014, the copyrights have a remaining useful life of 5 years.
Instructions
(a) The recoverable amount of the copyright at December 31, 2015 is $1,600,000. Prepare the
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