Presented below is information related to copyrights owned by Belanga Bhd at 31 December 2015. Cost...
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Presented below is information related to copyrights owned by Belanga Bhd at 31 December 2015. Cost Carrying amount Recoverable amount RM8,600,000 4,300,000 3,400,000 Assume that Belanga Bhd will continue to use this copyright in the future. As of 31 December 2015, the copyright is estimated to have a remaining useful life of 10 years. REQUIRED: (a) Prepare the journal entry (if any) to record the impairment of the asset at 31 December 2015. (b) Prepare the journal entry to record amortization expense for 2016 related to the copyrights. (c) The fair value of the copyright at 31 December 2016 is RM3,500,000. Prepare related journal entry. Presented below is information related to copyrights owned by Belanga Bhd at 31 December 2015. Cost Carrying amount Recoverable amount RM8,600,000 4,300,000 3,400,000 Assume that Belanga Bhd will continue to use this copyright in the future. As of 31 December 2015, the copyright is estimated to have a remaining useful life of 10 years. REQUIRED: (a) Prepare the journal entry (if any) to record the impairment of the asset at 31 December 2015. (b) Prepare the journal entry to record amortization expense for 2016 related to the copyrights. (c) The fair value of the copyright at 31 December 2016 is RM3,500,000. Prepare related journal entry.
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Related Book For
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
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