At the end of 2023. Concord Corporation owns a licence with a carrying amount of $532,000. Concord expects undiscounted future cash flows from this licence to total $536.500. The licence's fair value is $426.900 and disposal costs and estimated to be The licence's discounted cash flows that is value in use) are estimated to be $474,900. Assume that the licence was granted in perpetuty and has an indefinite life, and that Concord prepares financial statements in accordance with ASPE. Assume that the licence was granted in perpetuity and has an indefinite life. 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 De 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 entry) Account Titles and Explanation eTextbook and Media List of Accounts Debit Credit
At the end of 2023. Concord Corporation owns a licence with a carrying amount of $532,000. Concord expects undiscounted future cash flows from this licence to total $536.500. The licence's fair value is $426.900 and disposal costs and estimated to be The licence's discounted cash flows that is value in use) are estimated to be $474,900. Assume that the licence was granted in perpetuty and has an indefinite life, and that Concord prepares financial statements in accordance with ASPE. Assume that the licence was granted in perpetuity and has an indefinite life. 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 De 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 entry) Account Titles and Explanation eTextbook and Media List of Accounts Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:At the end of 2023, Concord Corporation owns a licence with a carrying amount of $532,000. Concord expects undiscounted future
cash flows from this licence to total $536.500. The licence's fair value is $426.900 and disposal costs are estimated to be the
licence's discounted cash flows that is value in use) are estimated to be $474,900. Assume that the licence was granted in perpetuty
and has an indefinite life, and that Concord prepares financial statements in accordance with ASPE. Assume that the licence was
granted in perpetuity and has an indefinite life.
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 De 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 entry)
Account Titles and Explanation
eTextbook and Media
List of Accounts
Debit
Credit
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