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General Optic Corporation operates a manufacturing plant in Arizona. Due to a significant decline in demand for the product manufactured at the Arizona site, an impairment test is deemed appropriate. Management has acquired the following information for the assets at the plant:   Cost $ 35.5million   Accumulated depreciation $ 14.5million   General’s estimate of the total cash flows to be generated by selling the products manufactured at its Arizona plant, not discounted to present value $ 15.6million   The fair value of the Arizona plant is estimated to be $12.5 million.   Required: 1. Determine the amount of impairment loss.   2. If a loss is indicated, prepare the entry to record the loss.   3. & 4. Determine the amount of impairment loss assuming that the estimated undiscounted sum of future cash flows is (3) $13.5 million instead of $15.6 million and (4) $21.25 million instead of $15.6 million.

Subject: accounting

General Optic Corporation operates a manufacturing plant in Arizona. Due to a significant decline in demand for the product manufactured at the Arizona site, an impairment test is deemed appropriate. Management has acquired the following information for the assets at the plant: Cost  -  $ 32,500,000Accumulated depreciation -14,200,000General’s estimate of the total cash flows to be generated by selling the products manufactured at its Arizona plant, not discounted to present value- 15,000,000 The fair value of the Arizona plant is estimated to be $11,000,000.Required:1. Determine the amount of impairment loss, if any.2. If a loss is indicated, prepare the entry to record the loss.3. Repeat requirement 1 assuming that the estimated undiscounted sum of future cash flows is $12,000,000 instead of $15,000,000. 4. Repeat requirement 1 assuming that the estimated undiscounted sum of future cash flows is $19,000,000 instead of $15,000,000

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Sanders Corporation operates a factory in Arizona. Due to a change in business climate, an impairment test is deemed appropriate. Management has acquired the following information for the assets at the plant:          Cost $ 243,000,000   Accumulated depreciation   122,000,000   Estimate of the total cash flows to be generated by selling the productsmanufactured at the Arizona factory, not discounted to present value   110,000,000   Present value of estimated future cash flows   94,000,000   Estimated fair value of the Arizona factory determined by appraisal   90,000,000      Required:1. Determine the amount of impairment loss, if any.2. If a loss is indicated, prepare the entry to record the loss.3. Repeat requirement 1, assuming that Sanders prepares its financial statements according to International Financial Reporting Standards (IFRS). Also assume that the estimated fair value of the factory approximates fair value less costs to sell.

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4. During December 20x3, Bubba Inc. determined that there had been a significant decrease in the value of its equipment used in its manufacturing process. At December 31, 20x3, Bubba compiled the information below. Original cost of the equipment Accumulated depreciation Present value of expected net future cash inflows 500,000 300,000 related to the continued use and eventual disposal of the equipment Fair value less costs of disposal of the equipment 175,000 125,000 What is the amount of impairment loss that should be reported on Bubba's income statement prepared for the year ended December 31, 20х3?

Exercise 11-30 (Algo) Impairment; property, plant, and equipment [LO11-8] General Optic Corporation operates a manufacturing plant in Arizona. Due to a significant decline in demand for the product manufactured at the Arizona site, an impairment test is deemed appropriate. Management has acquired the following information for the assets at the plant: Cost Accumulated depreciation General's estimate of the total cash flows to be generated by selling the products manufactured at its Arizona plant, not discounted to present value The fair value of the Arizona plant is estimated to be $12 million. Required: 1. Determine the amount of impairment loss. 2. If a loss is indicated, prepare the entry to record the loss. 3. & 4. Determine the amount of impairment loss assuming that the estimated undiscounted instead of $15.4 million and (4) $20.5 million instead of $15.4 million. Complete this question by entering your answers in the tabs below. Req 1 $ 34.5 million. $ 14.4 million $ 15.4 million…

Exercise 11-30 (Algo) Impairment; property, plant, and equipment [LO11-8] General Optic Corporation operates a manufacturing plant in Arizona. Due to a significant decline in demand for the product manufactured at the Arizona site, an impairment test is deemed appropriate. Management has acquired the following information for the assets at the plant: Cost Accumulated depreciation General's estimate of the total cash flows to be generated by selling the products manufactured at its Arizona plant, not discounted to present value The fair value of the Arizona plant is estimated to be $19.5 million. Required: 1. Determine the amount of impairment loss. 2. If a loss is indicated, prepare the entry to record the loss. 3. & 4. Determine the amount of impairment loss assuming that the estimated undiscounted sum of future cash flows is (3) $19.5 million instead of $18.4 million and (4) $34.25 million instead of $18.4 million. Complete this question by entering your answers in the tabs below.…

9. XYZ Company quarries limestone, crushes it, and sells it to be used in road building. XYZ paid P10,000,000 for a certain quarry. The property can be sold for P3,000,000 after production ceases. Estimated reserves 10,000,000; Tons quarried through December 31, 20X4 4,000,000; Tons quarried in 20X5 1,500,000. An engineering study performed in 20X5 indicated that as of January 1, 20X5, 7,500,000 tons of limestones were available. 30. Assume that the materials and labor cost incurred during 20X5 is 2,160,000 and that 1,000,000 tons were sold during the year at P5.00, Gross Profit for the year is?

A manufacturer incurs the following costs: $38,000 developing new techniques that will be put in place shortly to cut production costs; $27,000 researching a new process to improve the quality of the standard product and $8,000 on market research into the commercial viability of a new type of product. It is company policy to capitalise costs whenever permitted by IAS 38 Intangible Assets. 9.7 How much should be charged as research and development expenditure in profit or loss? (ignore amortisation) $73,000 $35,000 $27,000 $38,000 A 229ni2ud a yde C BPP EARNING MEDIA

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6. The management of Sprague Inc. was discussing whether certain equipment should be written off as a charge to current operations because of obsolescence. This equipment has a cost of $900,000 with depreciation to date of $500,000 as of December 31, 2022. On December 31, 2022, management projected the present value of future net cash flows from this equipment to be $300,000 and its fair value less cost of disposal to be $250,000. The company intends to use this equipment in the future. The remaining useful life of the equipment is four years. Required: Prepare the journal entry (if any) to record the impairment at December 31, 2022.

4 02:59:09 Perez Company acquires an ore mine at a cost of $2,240,000. It incurs additional costs of $627,200 to access the mine, which is estimated to hold 1,600,000 tons of ore. 210,000 tons of ore are mined and sold the first year. The estimated value of the land after the ore is removed is $320,000. Calculate the depletion expense from the information given. 1. & 2. Prepare the entry to record the cost of the ore mine and year-end adjusting entry. Complete this question by entering your answers in the tabs below. eBook Depletion Expense General Journal Calculate the depletion expense from the information given. Note: Round "Depletion per unit" to 3 decimal places. Cost Salvage Amount subject to depletion Total units of capacity Depletion per unit Units extracted and sold in period Depletion expense Help Save &

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Finsbury Co has a cash generating unit (CGU) that suffers a large drop in income due to reduced demand for its products. An impairment review was carried out and the recoverable amount of the cash generating unit was determined at $100m. The assets of the CGU had the following carrying amounts immediately prior to the impairment: $m Goodwill 25 Intangibles 60 Property, plant and equipment 30 Inventory 15 Trade receivables 10 140 The inventory and receivables are considered to be included at their recoverable amounts. What is the carrying amount of the intangibles once the impairment loss has been allocated? A $45m В $50m C $55m D $60m

Sheridan Company has provided information on intangible assets as follows. • Sheridan incurred research and development costs in 2017 as follows. Materials and equipment $166,000 Personnel 284,000 Indirect costs 21,400 $471,400 Sheridan estimates that these costs will be recouped by December 31, 2020. The materials and equipment purchased have no alternative uses. • A patent was purchased from Crane Company for $1,090,000 on January 1, 2016. Sheridan estimated the remaining useful life of the patent to be 10 years. The patent was carried in Crane's accounting records at a net book value of $2,250,000 when Crane sold it to Sheridan. • During 2017, a franchise was purchased from Clinton Company for $355,000. In addition, 5% of revenue from the franchise must be paid to Clinton. Revenue from the franchise for 2017 was $1,300,000. Sheridan estimates the useful life of the franchise to be 1O years and takes a full year's amortization in the year of purchase. • On January 1, 2017, because of…