Gupta Ltd. has four assets. You are an accounting assistant who is in charge of identifying the recoverable amount and determining whether each of the assets is impaired. If so, what is the amount that should be recorded?

Transcribed Image Text:

Recoverable Is Asset Impairment Impaired? Carrying Value in Use Fair Value Amount Amount alue 1. Equipment$ 21,000$ 18,000 18,500 2. Goodwill 3. Building 4. Patent 150,000 560,000 25,000 80,000 620,000 16,000 75,000 750,000 16,500