Question 3 Ephrayim Oil and Gas Company abandoned a proved property late in 2020. Costs relating to the property are as follows: Proved property Wells and Equipment Exploratory dry holes Paid-up Ordinary Shares 2,150,000 1,750,000 480,000 18,500,000 Journalized the transaction:

Question 3 Ephrayim Oil and Gas Company abandoned a proved property late in 2020. Costs relating to the property are as follows: Proved property Wells and Equipment Exploratory dry holes Paid-up Ordinary Shares 2,150,000 1,750,000 480,000 18,500,000 Journalized the transaction:

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 14RE: (Appendix 11.1) Auburn Company purchased an asset on January 1, Year 1, for 150,000. The asset has a...

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Question 1Ahmed Al Balushi SAOG is planning to acquire Abdullah SAOG at a Purchase consideration of OMR 350,000. Below is the Extract of the Statement of Financial Position as at 31st December 2019; Non – Current Assets OMR Intangible Non - Current Asset Patent 21,000 Tangible Non- Current Asset Property, plant, and Equipment 215,500 Current Assets Inventories 89,750 Trade Receivable 42,750 Cash 22,500 Current Liabilities Trade Payable 53,750 Bank over draft 12,000 Non – Current Liabilities 8% bank loan 85,000 Based on the above information,A. You are required to calculate the value of goodwill for Abdullah SAOG as at 31st Dec 2019? In the year 2020, Ahmed Al Balushi has identified the implied goodwill is OMR 85,000.B. Calculate the value of good will to be impaired? C. Discuss the 2 types of Intangible assets with suitable examples?
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