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at should be recorded. Prepare any necessary journal entry. lick the icon to view the scenarios.) Asset uipment ademark nd Carrying Amount $230,000 $370,000 $54,000 Value in Use $190,000 $510,000 $26,000 Fair Value $150,000 $425,000 $23,000 Impaired (Y Amount of or N) Loss Y N Y

at should be recorded. Prepare any necessary journal entry. lick the icon to view the scenarios.) Asset uipment ademark nd Carrying Amount $230,000 $370,000 $54,000 Value in Use $190,000 $510,000 $26,000 Fair Value $150,000 $425,000 $23,000 Impaired (Y Amount of or N) Loss Y N Y

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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And c. Land and d. Factory building journal formal

For each of the following scenarios, indicate whether a long-term asset has been impaired (Y for yes and N for no) and, if so, the amount of the loss that should be recorded. Prepare any necessary journal entry. (Click the icon to view the scenarios.) Asset a. Equipment b. Trademark C. Land d. Factory building Date Carrying Amount $230,000 $370,000 $54,000 $4 million b. Trademark Accounts Loss on Impairment Equipment Value in Use $190,000 $510,000 $26,000 $4 million Prepare the necessary journal entries for any impairment. (Record debits first, then credits. Explanations are not required. If no journal entry is required, select "No entry required" on the first line of the journal entry. Leave unused cells blank.) a. Equipment Fair Value Debit Impaired (Y Amount of or N) Loss Y $150,000 $425,000 $23,000 $2 million N N Y Credit
Transcribed Image Text:For each of the following scenarios, indicate whether a long-term asset has been impaired (Y for yes and N for no) and, if so, the amount of the loss that should be recorded. Prepare any necessary journal entry. (Click the icon to view the scenarios.) Asset a. Equipment b. Trademark C. Land d. Factory building Date Carrying Amount $230,000 $370,000 $54,000 $4 million b. Trademark Accounts Loss on Impairment Equipment Value in Use $190,000 $510,000 $26,000 $4 million Prepare the necessary journal entries for any impairment. (Record debits first, then credits. Explanations are not required. If no journal entry is required, select "No entry required" on the first line of the journal entry. Leave unused cells blank.) a. Equipment Fair Value Debit Impaired (Y Amount of or N) Loss Y $150,000 $425,000 $23,000 $2 million N N Y Credit
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