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At the end of 2023, Monty Corporation owns a licence with a remaining life of 10 years and a carrying amount of $15.000 Marty expects undiscounted future cash flows from this licence to total $519.000. The licence's fair value is $410.500 and disposal costs are estimated to be nil. The licence's discounted cash flows that is, value in use) are estimated to be $460.700 Monty prepares facial statements in accordance with ASPE Determine if the licence is impaired at the end of 2023 The licence at the end of 2023 Prepare any related entry that is necessary. (Credit account titles are outomatically indented when the amount is entered Do not indent manually. If no entry is required select "No Entry for the account titles and enter O for the amounts List debit entry before credit entricl Account Titles and Explanation Debit Credit

At the end of 2023, Monty Corporation owns a licence with a remaining life of 10 years and a carrying amount of $15.000 Marty expects undiscounted future cash flows from this licence to total $519.000. The licence's fair value is $410.500 and disposal costs are estimated to be nil. The licence's discounted cash flows that is, value in use) are estimated to be $460.700 Monty prepares facial statements in accordance with ASPE Determine if the licence is impaired at the end of 2023 The licence at the end of 2023 Prepare any related entry that is necessary. (Credit account titles are outomatically indented when the amount is entered Do not indent manually. If no entry is required select "No Entry for the account titles and enter O for the amounts List debit entry before credit entricl Account Titles and Explanation Debit Credit

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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At the end of 2023, Monty Corporation owns a licence with a remaining life of 10 years and a carrying amount of $515.000 M expects undiscounted future cash flows from this licence to total $519,000. The licence's fair value is $410.500 and disposal costs ar estimated to be nil. The licence's discounted cash flows (that is, value in use) are estimated to be $460.700 Monty prepares financial statements in accordance with ASPE Determine if the licence is impaired at the end of 2023 The licence at the end of 2023 Prepare any related entry that is necessary. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts List debit entry before credit entryl Account Titles and Explanation eTextbook and Media List of Accounts. Debit Credit ed at cash flow is calculated to be $485.600 at the end of 2024
Transcribed Image Text:At the end of 2023, Monty Corporation owns a licence with a remaining life of 10 years and a carrying amount of $515.000 M expects undiscounted future cash flows from this licence to total $519,000. The licence's fair value is $410.500 and disposal costs ar estimated to be nil. The licence's discounted cash flows (that is, value in use) are estimated to be $460.700 Monty prepares financial statements in accordance with ASPE Determine if the licence is impaired at the end of 2023 The licence at the end of 2023 Prepare any related entry that is necessary. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts List debit entry before credit entryl Account Titles and Explanation eTextbook and Media List of Accounts. Debit Credit ed at cash flow is calculated to be $485.600 at the end of 2024
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