Question: When answering this question, could you pls fill out the chart :) For each case presented below, determine the gain or loss to be reported
For each case presented below, determine the gain or loss to be reported in each year (assume the impairment was realized at disposal; i.e. there was no additional impairment): CASE 1 2 3 4 S 6 7 8 2 (1,000) 1,000 (1,000) AMOUNTS REPORTED IN: 3 4 5 - RESULTS OF OPERATIONS -- Year 2 Year 1 Measurement date to End of year Beginning of year to disposal date 6 Reporting Gains/Losses on Discontinued Operations (extended phase-out period) $1,000 (1,000) 7 1,000 (1,000) 1,000 8 $750 (750) (750) 750 750 (750) (750) 750 IMPAIRMENT TEST 12/31/Year 1 Book Value $10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 Year 1 Year 2 Case Income Impairment Report Income Gain/Loss Report 1 Fair Value Less Costs $11,250 8,750 8,750 11,250 8,750 11,250 11,250 8,750 DISPOSAL Year 2 Gain/loss on Disposal $1,250 (1,250) (1,250) 1,250 (1,250) 1,250 1,250 (1,250)
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