Staton Corporation's balance sheet includes Equipment recorded at a cost of $110,000 and accumulated depreciation of 20,000. After performing its annual review for impairment, Staton determined the following: Asset value in use $69,000 Fair value less selling costs 67,000 Undiscounted cash flows... 89,000 a Assuming Staton uses the rational entity impairment model record the appropriate entries. b Assuming Staton uses the cost recovery model calculate the impairment if any.

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Bravo Ltd classified one of its buildings as a non-current asset held for sale. This building was measured at cost less accumulated depreciation. It is currently carried at fair value less costs to sell of 150,000. At year end the fair value less costs to sell was 155,500 impairment losses previously recognized unde IAS36 impairment of assets are 1,500 and under IFRS5 1,500 how much of the impairment loss can be reserved

Presented below is information related to equipment owned by Davis Company at December 31, 2020. Cost Accumulated Depreciation to date Expected future net cash flows (undiscounted) Fair value $7,750,000 750,000 Instructions: 6,250,000 6,600,000 Assume that Davis intends to dispose of the asset in the coming year. It is expected the cost of disposal will be $15,000. As of December 31, 2020, the equipment has a remaining useful life of 5 years. 1. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. 2. Prepare the iournal entry to record depreciation expense for

Martinez Company owns equipment that cost $1,053,000 and has accumulated depreciation of $444,600. The expected future net cash flows from the use of the asset are expected to be $585,000. The fair value of the equipment is $468,000.Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

Windsor Company owns equipment that cost $972,000 and has accumulated depreciation of $410,400. The expected future net cash flows from the use of the asset are expected to be $540,000. The fair value of the equipment is $432,000.Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit enter an account title   enter a debit amount   enter a credit amount   enter an account title   enter a debit amount   enter a credit amount

Shamrock Inc. owns equipment that cost $470,000 and has accumulated depreciation of $122,000. The expected future net cash flows from the use of the asset are expected to be $311,000. The fair value of the equipment is $269,000. Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

Domestic

On January 2, 2020, Quezon Inc. purchased equipment with a cost of P10,500,000, a useful life of 12 years and no salvage value. The Company uses sum-of-the-years-digit method of depreciation. At December 31, 2020 and December 31, 2021, the company determines that impairment indicators are present. The following information is available for impairment testing at each year end: 12/31/2020 12/31/2021 Fair value less cost to sell P8,515,000 P7,530,000 Value-in-use P8,551,000 P7,315,000 There is no change in the asset's useful life or salvage value. The 2021 income statement will report gain on recovery of?