E11.16 (LO3) (Tmpairment) Presented below is infor related to evie o wned by Suarez Company at 22 2 Cost $9000, 000 Accum DepreG to date EXPected future net cash flows T,000,000 4809.000 Fair Value Assume that Sua rez will continye to 4se this asset in the future. AS of Dec 31,2020, the equiR has a remaining useful ife of 4 Years. Instructions Prepare the sournal entry (if any) to record the imPairment of the asset in the future. b. PrePare the jounal entry to record deprec expense for 2011a
E11.16 (LO3) (Tmpairment) Presented below is infor related to evie o wned by Suarez Company at 22 2 Cost $9000, 000 Accum DepreG to date EXPected future net cash flows T,000,000 4809.000 Fair Value Assume that Sua rez will continye to 4se this asset in the future. AS of Dec 31,2020, the equiR has a remaining useful ife of 4 Years. Instructions Prepare the sournal entry (if any) to record the imPairment of the asset in the future. b. PrePare the jounal entry to record deprec expense for 2011a
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:E11.16 (LO3) (Tmpairment) Presented below is infor
related to evvie o wned by Suarez Company at
Dec.37g2020
Cost
$9000,000
Accum Deerec to date
EXPected future net Cash flows
T,o00g00
Fair Value
480g.000
Assume that Suarez Will continue to
yse this asset in the future. AS of
Dec 31,2020 the eauir has a
remaining useful ife of 4 Years.
Instrutions
Prepare the sournal entry (if any) to record the
im Pairment of the asset in the future.
b. PrePare the joumal entry to record deprec expense
for 201ta
Transcribed Image Text:The fair Value of the eqiuir at Dec.3I, 20ty
is $5,109.000. PrePace the jourmal entry (if any)
necessary to record this increase in fair value. :7
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