Crane Corporation owns a patent that has a carrying amount of $612,000. Crane expects future net cash flows from this patent to total $382.500. The fair value of the patent is $474.300 Prepare the journal entry if necessary to record the loss on impairment (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 Ust debit entry before credit entry) Account Titles and Explanation Debit Credit

Crane Corporation owns a patent that has a carrying amount of $612,000. Crane expects future net cash flows from this patent to total $382.500. The fair value of the patent is $474.300 Prepare the journal entry if necessary to record the loss on impairment (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 Ust debit entry before credit entry) Account Titles and Explanation Debit Credit

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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