For each of the following scenarios, indicate whether a long-term asset has been impaired (Y for yes
Question:
Asset _Carrying Amount _ Value in Use __Fair Value _ Impaired? (Y or N) _Amount of Loss
a. Equipment....$180,000 ............$140,000 ........$100,000 ............Y ..................$40,000
b. Trademark....$320,000.............$460,000 .........$375,000 ...........N .................. -
c. Land ...........$52,000 ...............$24,000 ..........$21,000 ...........Y ...............$28,000
d. Factory building ....$9 million ....$9 million .......$7 million .........N .....................-
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Related Book For
Financial Accounting
ISBN: 978-0134564142
6th Canadian edition
Authors: Walter Jr. Harrison, Charles T. Horngren, C. William Thomas, Greg Berberich, Catherine Seguin
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