F2 At the end of 2026, Magilke is evaluating the results of the instructional business. Due to fierce competition from online and television (e.g., the Golf Channel), the Old Master reporting unit has been losing money. The fair value of the Old Master reporting unit is $400,000. Magilke has collected the following information related to the company's intangible assets. Intangible Asset Trade names #3 Copyrights E D с F3 Prepare the journal entries required, if any, to record impairments on Windsor intangible assets. Assume that any amortization for 2026 has been recorded and that the carrying value of the reporting unit is $480,000 (which reflects recognition of any impairments other than goodwill). (Credit account titles are automatically indented when 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 all debit entries before credit entries.) Account Titles and Explanation Loss on Impairment Trade Names 4 Goodwill LA Expected Cash Flows (undiscounted) Q Search DII F4 R V % 5 F5 T $18,900 G B 63,000 6 F6 Y H & 7 Fair Values N $6,300 F7 58,000 TE D J 8 F8 * 8 M K Debit F9 9 alt DELL prt sc O F10 L 0 home > F11 ctrl 110 Credit end F12 ? 1 80000 M + 11 pg up X insert W 1 delete backspace ^ > enter num lock shift pg dr >
F2 At the end of 2026, Magilke is evaluating the results of the instructional business. Due to fierce competition from online and television (e.g., the Golf Channel), the Old Master reporting unit has been losing money. The fair value of the Old Master reporting unit is $400,000. Magilke has collected the following information related to the company's intangible assets. Intangible Asset Trade names #3 Copyrights E D с F3 Prepare the journal entries required, if any, to record impairments on Windsor intangible assets. Assume that any amortization for 2026 has been recorded and that the carrying value of the reporting unit is $480,000 (which reflects recognition of any impairments other than goodwill). (Credit account titles are automatically indented when 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 all debit entries before credit entries.) Account Titles and Explanation Loss on Impairment Trade Names 4 Goodwill LA Expected Cash Flows (undiscounted) Q Search DII F4 R V % 5 F5 T $18,900 G B 63,000 6 F6 Y H & 7 Fair Values N $6,300 F7 58,000 TE D J 8 F8 * 8 M K Debit F9 9 alt DELL prt sc O F10 L 0 home > F11 ctrl 110 Credit end F12 ? 1 80000 M + 11 pg up X insert W 1 delete backspace ^ > enter num lock shift pg dr >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:F2
At the end of 2026, Magilke is evaluating the results of the instructional business. Due to fierce competition from online and
television (e.g., the Golf Channel), the Old Master reporting unit has been losing money. The fair value of the Old Master reporting
unit is $400,000. Magilke has collected the following information related to the company's intangible assets.
Intangible Asset
Trade names
#3
Copyrights
E
D
с
F3
Prepare the journal entries required, if any, to record impairments on Windsor intangible assets. Assume that any amortization
for 2026 has been recorded and that the carrying value of the reporting unit is $480,000 (which reflects recognition of any
impairments other than goodwill). (Credit account titles are automatically indented when 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 all debit entries before credit entries.)
Account Titles and Explanation
Loss on Impairment
Trade Names
4
Goodwill
LA
Expected Cash Flows
(undiscounted)
Q Search
DII
F4
R
V
%
5
F5
T
$18,900
G
B
63,000
6
F6
Y
H
&
7
Fair Values
N
$6,300
F7
58,000
TE
D
J
8
F8
*
8
M
K
Debit
F9
9
alt
DELL
prt sc
O
F10
L
0
home
>
F11
ctrl
110
Credit
end
F12
?
1
80000
M
+ 11
pg up
X
insert
W
1
delete
backspace
^
>
enter
num
lock
shift
pg dr
>
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