Air New Zealand recognised an impairment loss of $338 million on aircrafts during the year ended 30 June 2020. Required Why did Air New Zealand recognise the impairment loss on aircrafts during the year ended 30 June 2020? How is impairment loss calculated under NZ IAS 36 Give the journal entry for the aircraft impairment loss of Air New Zealand

Air New Zealand recognised an impairment loss of $338 million on aircrafts during the year ended 30 June 2020. Required Why did Air New Zealand recognise the impairment loss on aircrafts during the year ended 30 June 2020? How is impairment loss calculated under NZ IAS 36 Give the journal entry for the aircraft impairment loss of Air New Zealand

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Which of the following statements concerning intangibles is true? a. a copyright should be considered an intangible with an indefinite lifeb. organization costs must be expensed as incurredc. a patent should be amortized over the shorter of the inventor’s life or its economic lifed. the registration of a trademark or tradename lasts for 20 years and is nonrenewable
A company has seven assets (labelled 1 to 7) for which there are indications of possible impairment. The carrying amount, fair value less costs of disposal and value in use for each asset are as shown below. Carrying Amount Fair Value less costs of disposal Value in use $ $ $ Asset 1 25,000 30,000 45,000 Asset 2 27,500 22,500 32,500 Asset 3 17,500 28,750 n/d Asset 4 21,250 16,250 17,500 Asset 5 31,875 n/d 42,000 Asset 6 25,000 35,000 30,000 Asset 7 52,500 37,500 25,000 Note: n/d = not determined Required: a. Calculate the amount of any impairment loss arising in relation to each asset. (Show Recoverable Amount) b. Briefly describe how impairment loss is determined. c. Briefly explain how you determined if there was an impairment loss for assets 4 and 6.
Please, not answered with the same person ABC Company obtained a patent in January 2019, at a cost of $ 200.000 Estimated useful life 8 year. The company incurred additional costs related to this patent in January 2020, amounting to $ 20.000 At the end of 2021 there was an economic downturn due to the pandemic, and a test for impairment of the fair value of in assets was carried out according to an independent appraiser, the recoverable value of the patent is $ 24,000. Instructions: Make journals at the end of 2019 to 2021
Do not give answer in image
Give me answer within 45 min please I will give positive rating immediately its urgent .....
During the 2021/2022 financial year, the company had following events. On 1 April 2022, ABC Industry purchased additional 30,000 allowances on the market as the initially granted emission allowances seemed insufficient to settle their obligations (emission liabilities). On this date, the fair value of an allowance was $60. 1) How to recognise the Purchased emission allowances? As an intangible asset, inventory, debtor? Your team need to explain why the emission allowances should be recognised as such.
E8-7 (Algo) Recording Depreciation and Repairs (Straight-Line Depreciation) LO8-2, 8-3 (The following information applies to the questions displayed below) Hulme Company operates a small manufacturing facility as a supplement to its regular service activities. At the beginning of 2020, an asset account for the company showed the following balances: Hanufacturing equipnent Accumulated depreciation through 2019 $ 150, 100 48, 300 During 2020, the following expenditures were incurred for the equipment Major overhaul of the equipment on January 2, 2800, that inproved efficiency Routine malntenance and repairs on the equipnent $ 15,000 1, 00 The equipment is being depreciated on a straight-ane basis over an estimated ife of 19 years with a $19.000 estimated residual value. The annual accounting period ends on December 31 E8-7 Part 3 Required: 3. Prepare the journal entries to record the two expenditures during 2020. (f no entry is required for a transaction/event, select "No journal entry…