Bramble Corporation purchased Marin Company 3 years ago and at that time recorded goodwill of $420,000. The Mari net assets, including the goodwilI, have a carrying amount of $840,000. The fair value of the division is estimated to be: Prepare Brambles' journal entry, if necessary, to record impairment of the goodwill. (Credit account titles are automatical when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for t Account Titles and Explanation Debit Credit Toxthoek and Media

Bramble Corporation purchased Marin Company 3 years ago and at that time recorded goodwill of $420,000. The Mari net assets, including the goodwilI, have a carrying amount of $840,000. The fair value of the division is estimated to be: Prepare Brambles' journal entry, if necessary, to record impairment of the goodwill. (Credit account titles are automatical when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for t Account Titles and Explanation Debit Credit Toxthoek and Media

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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Brix Co owns a building which it uses as its office, warehouse and garage. The land is carried as a separate non-current tangible asset in the statement of financial position. Brix Co has a policy of regularly revaluing its tangible non-current assets. The original cost of the building on 1 January 2006 was $2.1 million, and at that date it was estimated to have a useful economic life of 20 years, with no residual value. The company adopted the revaluation model of IAS 16 in 2012 and the building was valued at subsequent valuations as follows: 31 December 2012 $2.6 million 31 December 2015 $2.4million At each revaluation date the remaining useful life remains unchanged. Brix Co also owns a brand name, which it acquired 1 January 2014 for $1 million. The brand name is being amortised over 10 years and has a carrying amount at 31 December 2015 of $800,000. A brand specialist valued Miami's brand name at market value of $780,000 on the same date and Miami's chief accountant calculated…
Granite Stone Creamery sold ice cream equipment for $16,000. Granite Stone originally purchased the equipment for $90,000, and depreciation through the date of sale totaled $71,000. Record the gain or loss on the sale of the equipment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
A purchase of machine tools by Jet Co. for $3,920 should have been capitalized as the tools have a 3 year life and an expected residual value of $560. However, Jet Co. erroneously charged the purchase to Repairs & Maintenance Expense. At year-end closing. Jet's bookkeeper noticed the error and made only one correcting entry resulting in Net Income and Total Assets to be understated: Dr Depreciation Expense $3,920/3 Cr Accumulated Depreciation $3,920/3 Required 1: Assuming you fixed all errors, what is the amount of depreciation expense Jet Co. must show on the year end income statement? $[ Required 2: Assuming you fixed all errors, what is the amount for accumulated depreciation Jet Co. must show on the year end balance sheet? (type it as a positive number) $[ Required 3: Assuming you fixed all errors, what net amount (.e.. cost net of accumulated depreciation) should Jet Co. show for tools on the year end balance sheet? $
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Brix Co owns a building which it uses as its office, warehouse and garage. The land is carried as a separate non-current tangible asset in the statement of financial position. Brix Co has a policy of regularly revaluing its tangible non-current assets. The original cost of the building on 1 January 2006 was $2.1 million, and at that date it was estimated to have a useful economic life of 20 years, with no residual value. The company adopted the revaluation model of IAS 16 in 2012 and the building was valued at subsequent valuations as follows: 31 December 2012 $2.6 million 31 December 2015 $2.4million At each revaluation date the remaining useful life remains unchanged. Brix Co also owns a brand name, which it acquired 1 January 2014 for $1 million. The brand name is being amortised over 10 years and has a carrying amount at 31 December 2015 of $800,000. A brand specialist valued Miami's brand name at market value of $780,000 on the same date and Miami's chief accountant calculated…
During the current year, a company properly classified as held for sale and then disposed of a component in a strategic shift. The carrying amount of the component was $820,000 at the time of its classification as held for sale, and no loss was recognized for a write-down to fair value minus cost to sell. Its fair value minus cost to sell at all relevant times was $900,000. The assets were actually sold for $600,000. The company should recognize a loss on disposal equal to A. Extraordinary loss of $220,000. $220,000. $300,000. $820,000. O B. C. D. + Previous Directions: Select the best answer. Mark Review Items Copyright | Privacy Policy | Employment 53 seconds Next->
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On july 1, 2021, JULIA exchanged its-non-monetary asset (equipment) with GERALD's non-monetary asset (machinery). the following data were made available: JULIA: Equipment P4,400,000 accumulated depreciation 2,000,000 cash received from gerald 500,000 GERALD: Machinery P3,700,000 Accumulated depreiation 1,800,000 Fair value of the machinery 2,100,000 The transaction lack commerical substance. How much is the cost of the new asset of JULIA?
ABC Company acquires its only building on January 1, Year 1, at a cost of $4,000,000. The building has a 20-year life, zero residual value, and is depreciated on a straight-line basis. The company adopts the revaluation model in accounting for buildings. On December 31, Year 2, the fair value of the building is $3,780,000. The company eliminates accumulated depreciation against the building account at the time of revaluation. The company's accounting policy is to reverse a portion of the revaluation surplus account related to increased depreciation expense. On January 2, Year 4, the company sells the building for $3,500,000. Required: 1-Determine the amounts to be reflected in the balance sheet related to this building for Years 1-4 in the following table. (Use parentheses to indicate credit amounts.) Accumulated Date January 1, Year 1 Cost Carrying Amount Revaluation Surplus depreciation 4,000,000 4,000,000 December 31, Year 1 December 31, Year 2 December 31, Year 2 Balance December…