kau.3answer must be in table format or i will give down vote Information has been collected regarding Orange Company's cash-generating unit that includes goodwill. At 31 December 20X5, theassets of the Orange Company's cash-generating unit are shown as follows (in millions) on the company's SFP:GoodwillEquipmentBuildingPatent rightsCostAccumulatedDepreciation$800$ 0Net BookValue$ 8002,8004,200400$8,2001,6001,200160$2,9601,2003,000240$5,240An impairment test indicates that the recoverable amount assigned to the assets of this CGU is $3,600 million. The assets are notseparable-they must be operated or sold together as a group.Required:1. Prepare an adjusting journal entry to record the impairment. (If no entry is required for a transaction/event, select "No journalentry required" in the first account field. Round your intermediate percentage answers to the nearest whole number (i.e. 0.12should be considered as 12%) and final answers to the nearest whole dollar amount. Enter the amounts in millions.)View transaction listJournal entry worksheet<1Record the adjusting entry for impairment of all the assets in the group.>

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Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section19.6: Buying Intangible Assets And Calculating Amortization Expense

Problem 1OYO

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Information has been collected regarding Orange Company's cash-generating unit that includes goodwill. At 31 December 20X5, the assets of the Orange Company's cash-generating unit are shown as follows (in millions) on the company's SFP: Goodwill Equipment Building Patent rights Cost $ 1,240 4,400 6,640 2,040 $14,320 Accumulated Depreciation $ 2,900 2,170 290 $5,360 Net Book Value $1,240 1,500 4,470 1,750 $8,960 An impairment test indicates that the recoverable amount assigned to the assets of this CGU is $5,600 million. The assets are not separable-they must be operated or sold together as a group. Required: 1. Prepare an adjusting journal entry to record the impairment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate percentage answers to the nearest whole number (i.e. 0.12 should be considered as 12%) and final answers to the nearest whole dollar amount. Enter the amounts in millions.) View…
Information has been collected regarding Pindea Company's cash-generating unit that includes goodwill. At December 31, 2021, the assets of the Pindea Company's cash-generating unit are shown as follows on the company's statement of financial position: Goodwill Equipment Building Patent rights Cost $ 126,500 25,000 505,000 30,000 $ 686,500 Accumulated Depreciation $ 30,850 200,150 18,500 $ 249,500 Net Book Value $ 25,000 95,650 304,850 11,500 $ 437,000 An impairment test indicates that the fair value of Pineda Company's cash- generating unit's assets is $350,000. The assets are not separable - they must be operated or sold together as a group. Required: Indicate the net book value of each asset after the write-down and prepare an adjusting journal entry to record the impairment.
Estimate the average total estimated useful life of depreciable property, plant, and equipment. Starbucks reports 580.6 million of depreciation and amortization in the statement of cash flows, of which 4.5 million relates to amortization of limited-life intangible assets. Does the estimate reconcile with stated accounting policy on useful lives for property, plant, and equipment? Explain.
IXORA Company engaged your services to compute the goodwill in the purchase of another company which provided the following How much is the goodwill ?
ABC Co. has a division that is considered to be a cash-generating unit for purposes of IAS 36, impairment of assets. The recoverable amount of this cash-generating unit is $130 000 at 31 December 2014. The carrying amount of the cash-generating unit is $181 000 at 31 December 2014, constituted by the following individual carrying amounts as at this date: Goodwill (purchased goodwill): 20 000 Equipment (measured under the cost model): 60 000 |Investment property (measured under the cost 81 000 model: Inventory 20 000 The recoverable amounts at 31 December 2014 for the goodwill and investment property could not be estimated on an individual basis, but the recoverable amount for equipment was estimated to be $40 000. In accordance with IAS 2 the net realizable value of the inventory was $15 000. Required: Calculate whether the cash-generating unit is impaired and compute the impairment loss if there's any.
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Loop Pole Co., acquired all the assets and current liabilities of North Pole Co.,. The North Pole Co., details as follows, Cash OMR 20,000, Building OMR 30,000, Equipment OMR 50,000, Creditors OMR 10,000 and Retained earnings OMR 30,000. Calculate goodwill or capital reserve. Select one: a. Capital Reserve OMR 90,000 b. Goodwill OMR 90,000 c. Goodwill OMR 70,000 d. Capital reserve OMR 70,000
Buchanan Imports purchased McLaren Corporation for $5,000,000 cash when McLaren had net assets worth $4,500,000. A. What is the amount of goodwill in this transaction? B. What is Buchanans journal entry to record the purchase of McLaren? C. What journal entry should Buchanan write when the company internally generates additional goodwill in the year following the purchase of McLaren?
Based on the following information, how much capital expenditures did FIN3300F24 incur in 2023? FIN3300F24 Balance Sheet As of 12/31/23 As of 12/31/22 Cash $19,000 $54,000 A/R 96,000 75,000 Inventories 273,000 174,000 Total CA $388,000 $303,000 Gross FA 750,000 540,000 Less: accumulated depreciation 238,000 168,000 Net FA $512,000 $372,000 Total Assets $900,000 $675,000 Accounts payable $108,000 $51,000 Accruals 27,000 12,000 Notes payable 273,000 102,000 Total CL $408,000 $165,000 Long-term debt 137,700 172,500 Common stock 189,000 189,000 Retained earnings 165,300 148,500 Total L & E $900,000 $675,000 FIN3300F24 Income Statement 2023 Sales $960,000 Cost of goods sold 576,000 Gross profit $384,000 Operating expenses excluding depreciation $222,000 Depreciation 70,000…
At December 31, 2022, Swifty Company reported the following as plant assets. Land $ 3,980,000 Buildings $28,210,000 Less: Accumulated depreciation—buildings 13,200,000 15,010,000 Equipment 48,670,000 Less: Accumulated depreciation—equipment 4,980,000 43,690,000 Total plant assets $62,680,000 During 2023, the following selected cash transactions occurred. April 1 Purchased land for $2,200,000. May 1 Sold equipment that cost $840,000 when purchased on January 1, 2019. The equipment was sold for $504,000. June 1 Sold land purchased on June 1, 2013 for $1,450,000. The land cost $399,000. July 1 Purchased equipment for $2,480,000. Dec. 31 Retired equipment that cost $491,000 when purchased on December 31, 2013. 1. Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year life and no salvage value. The equipment is…
At December 31, 2027, Flint Corporation reported the following plant assets. Land $4,068,000 Buildings $26,700,000 Less: Accumulated depreciation-buildings 16,170,300 10,529,700 Equipment 54,240,000 Less: Accumulated depreciation-equipment 6,780,000 47,460,000 Total plant assets $62,057,700 During 2028, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,983,200. May 1 Sold equipment that cost $813,600 when purchased on January 1, 2021. The equipment was so June 1 Sold land for $2,169,600. The land cost $1,356,000. July 1 Purchased equipment for $1,491,600. Dec. 31 Retired equipment that cost $949,200 when purchased on December 31, 2018. No salvage val (a) Prepare a tabular summary that includes the plant asset accounts and balances shown on the December 31, 2 · Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses. -Increases in expenses and losses require a negative sign or parentheses. Increases in Accumulated…
May I ask for help with this question? I got an answer of 100,000 (Rounded Up) Please check. W Co. acquired the intangible assets listed below for a total lump sum price of P400,000.

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