Kenoly Corporation owns a patent that has a carrying amount of $300,000, Kenoly expects future net cash flows from this patent to total $210,000. The fair value of the patent is $110.000. Prepare Kenoly's Journal entry, if necessary to record the loss on impairment O No Journal Entry is necessary. No Impaiment has occurred O Loss on Impariment $190,000 Cash $190 000 O Loss on Impariment $100,000 Patents $100.000 O Loss on Impariment $190,000 Patents $190,000

Kenoly Corporation owns a patent that has a carrying amount of $300,000, Kenoly expects future net cash flows from this patent to total $210,000. The fair value of the patent is $110.000. Prepare Kenoly's Journal entry, if necessary to record the loss on impairment O No Journal Entry is necessary. No Impaiment has occurred O Loss on Impariment $190,000 Cash $190 000 O Loss on Impariment $100,000 Patents $100.000 O Loss on Impariment $190,000 Patents $190,000

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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