Selected Answer: [None Given] Answers: A. $18,000 B. 622.000
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Please do not give solution in image format thanku
![Based on the information below, what amount of impairment loss would be reported?
Asset
Building
Equipment
Truck
Fair value
Answers:
$135,000
$25,000
$34,000
Selected Answer: [None Given]
A.
$18,000
B.
$23,000
C.
$37,000
D.
$13,000
E.
Estimated cash
flows
$138,000
$36,000
$45,000
$5,000
PLEASE EXPLAIN WHY E IS THE ANSWER
Book value
$140,000
$30,000
$42,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7f2c8743-ae88-4335-84a4-bac6b6124b54%2Fbcc3ae34-b41c-4df2-a5c8-543cba38c6b3%2Fvim1kcu_processed.jpeg&w=3840&q=75)
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- Estimate the average total estimated useful life of depreciable property, plant, and equipment. Starbucks reports 580.6 million of depreciation and amortization in the statement of cash flows, of which 4.5 million relates to amortization of limited-life intangible assets. Does the estimate reconcile with stated accounting policy on useful lives for property, plant, and equipment? Explain.Presented below is information related to Wolfie Corp.’s equipment on 12/31/2022: Description Amount Capitalized cost $900,000 Accumulated depreciation to date 750,000 Estimated residual value 40,000 Expected future cash flows 125,000 Estimated Fair value 100,000 The amount of the impairment loss, if any, that Wolfie Corp. should record on 12/31/22 is: $45,000 $50,000 $10,000 $20,000 $25,000 There is no impairment.TBB Corp. has the following information regarding three of its assets: Estimated Book Value Cash Flows Fair Value Equipment $ 35,000 $ 36,000 $ 30,000 Building $ 68,000 $ 70,000 $ 65,000 Patent $ 30,000 $ 28,000 $ 26,000 What amount of loss should be recorded by TBB due to asset impairment? Select one: a. $4,000 b. $7,000 c. $12,000 d. $10,000 e. $6,000
- ABC has determined that one of its cash generating units (CGU) is impaired. The assets of the CGU at their book value are: Land – 4,000,000; Factory – 1,200,000; Machinery and Equipment – 1,800,000. The value in use of the cash generating unit is P5,500,000. The impairment loss allocated to Machinery and Equipment is? (do not round off the percentage, round off your final answer to the nearest peso)The company provided the data of PP&E in a cash-generating unit (CGU) as follows: Cost Accumulated Depreciation Equipment A $ 15,000 $ 8,000 Equipment B 30,000 19,000 Equipment C 45,000 23,000 The unit’s fair value less costs to sell was $25,000. The unit’s future cash flows was $32,000, and its present value was $28,000. The company adopted IFRS. Prepare journal entries to record impairment. If the recoverable amount of Equipment C is $19,000, prepare journal entries to record impairment. If the recoverable amount of Equipment C is $24,000, prepare journal entries to record impairment.ABC is testing a store branch for impairment. The assets of thebranch include a building with a carrying amount of P4,000,000,equipment of P3,000,000, inventory of P2,000,000 and goodwill ofP500,000. The fair value less cost to dispose of the inventory is P2,500,000.The expected cashflows from the branch are: Year Amount1 P 2,000,0002 1,700,0003 1,500,0004 1,500,0005 1,300,000 The effective interest rate is 9%. The present value of the cashflowsbeyond year 5 is estimated to be at P400,000. 10. Value in use of the store branch11. Total Impairment Loss12. Carrying value of the building after impairment13. Carrying value of the inventory after impairment14. Carrying value of the goodwill after impairment
- Sylvia Company has a long-term plant asset with the following information as of the end of the year: Net book value $87,200 Estimated future cash flows $68,000 Fair Value $60,000 The amount of the impairment loss is: A. $155,200 B. $19,200 C. $8,000 D. $27,200Presented below is information related to equipment owned by Sanabel Co. at December 31, 2018 Cost $4,500,000 600,000 Accumulated depreciation to date Expected future net cash flows 3,500,000 Fair value 2,700,000 4 years Remaining useful life Salvage value 100,000 Cost of disposal Assuming the equipment is held for disposal . The impairment loss on December 31 2018 will amount to a $ 0 1.200.000 $1.170.000 d 1.230.000Flanagan Concrete owns equipment with a book value of $3,500,000. The equipment is estimated to generate future cash flows of $2,975,000. The equipment has a fair value of $2,890,000. The journal entry to record the impairment loss will a.) increase the asset’s Accumulated Depreciation account by $610,000. b.) include a $610,000 credit to the Equipment account. c.) record a loss of $85,000. d.) reduce income from continuing operations by $525,000.
- A company has the following three assets with the information provided:($ in millions) Equipment Land Building Book value $8 $20 $12 Estimated total future cash flows 6 35 14 Fair value 5 30 10Determine the amount of the impairment loss, if any. a. $0. b. $5 million. c. $10 million. d. $3 million.Diva Ltd has an item of equipment with a carrying amount of $110000 (cost $150000 less accumulated depreciation $40000). the following data has been obtained by Diva in relation to the asset; estimated fair value of the asset less costs of disposal - $90,000 present value of future cash flows expected to be derived from the asset $70000 To account for the impairment loss, the accountant for Diva is considering a number of accounting entries. In accordance with IAS 16 Property, Plant and Equipment and IAS 36 impairment of assets, which one of the following entries is made to recognise the impairment loss?A depreciable property costing P1,400,000 with original residual value of P80,000 after 10 years, had been revalued at a replacement cost of P1,680,000 with residual value of P20,000. The age of the asset is four years when it was revalued. What is the revaluation surplus? Please answer it complete using good accounting form. Thank you
