### Journal Entry for Asset Impairment on December 31, 2025To record the impairment of an asset at the end of the fiscal year, follow these steps. Note that the company does not use accumulated amortization accounts. If no entry is needed, choose "No Entry" for the account titles and enter "0" for amounts. #### Table: Impairment Journal Entry| Account Titles and Explanation | Debit | Credit ||-------------------------------|--------|---------|| Loss on Impairment | 990000 | || Copyrights | | 990000 |**Details:**- **Loss on Impairment**: Debit with the amount $990,000.- **Copyrights**: Credit with the amount $990,000.The entries should be made directly without manual indentation. Debits are listed before credits.### Amortization Expense for Copyrights in 2026Prepare the necessary journal entry related to the amortization of copyright expenses for the following year. If there are no entries, select "No Entry" for account titles and use "0" for amounts.#### Table: Amortization Journal Entry| Account Titles and Explanation | Debit | Credit ||-------------------------------|--------|---------|| | | || | | |Complete this section by entering the appropriate accounts and amounts if needed.For both entries, utilize the provided eTextbook and Media resources as a guide. You are allowed up to 4 attempts for input accuracy, with 3 of these attempts used. Presented below is information related to a copyright owned by Cullumber Company at December 31, 2025.- **Cost**: $8,520,000- **Carrying amount**: $4,230,000- **Expected future net cash flows**: $3,920,000- **Fair value**: $3,240,000Assume that Cullumber Company will continue to use this copyright in the future. As of December 31, 2025, the copyright is estimated to have a remaining useful life of 10 years.

1)DateParticularsDebitCreditDecember 31,2025Loss on Impairment 990,000 Copyright (4,230,000 -…

Presented below is information related to a copyright owned by Cullumber Company at December 31, 2025. Cost Carrying amount Expected future net cash flows Fair value $8,520,000 4,230,000 3,920,000 3,240,000

Presented below is information related to a copyright owned by Cullumber Company at December 31, 2025. Cost Carrying amount Expected future net cash flows Fair value $8,520,000 4,230,000 3,920,000 3,240,000

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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Presented below is information related to equipment owned by Marigold Company at December 31, 2025. Cost $9,360,000 Accumulated depreciation to date 1,040,000 Expected future net cash flows 7,280,000 Fair value 4,992,000 Assume that Marigold will continue to use this asset in the future. As of December 31, 2025, the equipment has a remaining useful life of 5 years. (a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2025. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31 Debit Credit eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer
Alimama Inc. purchased a EV truck company, Yesla Inc. at $3,500,000 on December 31, 2020. The illustration presents that the statement of Yesla Inc. Yesla Inc. Statement of Financial Position As of December 31,2021 Property, plant, and equipment, net $1,000,000 Cash $50,000 Inventory $800,000 Account Receivable $500,000 Accounting Payable $300,000 Long-term Debt $1,200,000 Yesla Inc. Fair Values Property, plant, and equipment, net $3,000,000 Cash $50,000 Inventory $600,000 Account Receivable $500,000 Accounting Payable $300,000 Long-term Debt $1,200,000 Patent $300,000 On December 31, 2021, Alimama Inc. is reviewing Yesla Inc for purposes of its annual impairment testing. Alimama Inc. determines the fair value less costs to sell of Yesla is $3,000,000 and value-in-use is $2,600,000. Prepare the journal entry for recording the impairment loss.
11. Show the comparison of cash flow statements for the last 2 years ?
: Answers the days of Working capital based on the information below: 2020 2021 Profit of the year $126,000 $175,000 Depreciation/Amortization 25,000 35,000 Trade receivables 260,000 285,000 Inventories 350,000 390,000 Trade and other payables 290,000 310,000 Revenue 1,800,000 2,100,000
Presented below is information related to equipment owned by Bramble Company at December 31, 2025. Cost Accumulated depreciation to date. Expected future net cash flows Fair value $10,260,000 (a) 1.140,000 7,980,000 5,472,000 Assume that Bramble will continue to use this asset in the future. As of December 31, 2025, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2025. (If no entry is required, select "No entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) ternunt Titles and Fynlanation Debit Credit SUPPORT
Company B's December 31 Year-End Balance Sheet reveals the following: • December 31, 2020 net PPE of $865 • December 31, 2020 Accumulated Depreciation of $250 • December 31, 2021 net PPE of $770 • December 31, 2021 Accumulated Depreciation of $230 • Annual 2021 Depreciation Expense was $100 • During 2021, PPE was purchased for $560; all PPE purchases are made in cash. • During 2021, the gain of the sale of PPE was $20 What is the journal entry Company B recorded to recognize 2021 depreciation expense? Dr. Accumulated Depreciation $20 Cr. Depreciation Expense $20 Dr. Depreciation Expense $100 Cr. Accumulated Depreciation $100 Dr. Depreciation Expense $20 Cr. Accumulated Depreciation $20 Dr. Depreciation Expense $100 Cr. PPE $100
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CQ Photography reported net income of $103,000 for 2022. Included in the income statement were depreciation expense of $6,500, patent amortization expense of $3,800, and a gain on disposal of plant assets of $4,000. CQ's comparative balance sheets show the following balances. Accounts receivable Accounts payable 12/31/22 $19,200 Net Income 8,400 12/31/21 Cash Flows from Operating Activities Calculate net cash provided by operating activities for CQ Photography using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) $27,000 CQ Photography Statement of Cash Flows For the Year Ended December 31, 2022 Adjustments to reconcile net income to 6,500 Net Cash Provided by Operating Activities $ 103000
1.How much is the carrying amount of property, plant and equipment as of December 31, 2020?a. P435,160 c. P763,440b. P729,840 d. P860,400
During 2019, ABC Co. sold for P21,000 some of its plant assets costing P150,000 and having accumulated depreciation of P119,000 at date of sale. The sale of the plant assets should be shown on ABC Co.’s statement of cash flows (indirect method) for the year ended December 31, 2019, as *a. a deduction from net income of P10,000 and a P21,000 increase in cash flows from financing activities b. an addition to net income of P10,000 and P21,000 increase in cash flows from investing activities c. a deduction from net income of P11,000 and P21,000 increase in cash flows from investing activities d. an addition of P21,000 to net income e. answer not given
View the balance sheet and cash flows, and write a 100 word minimum analysis in complete sentences. Period Ending: 12/31/2020 12/31/2019 12/31/2018 12/31/2017 Net Income $690,000 -$870,000 -$976,000 -$1,962,000 Cash Flows-Operating Activities Depreciation $2,502,000 $2,342,000 $2,060,000 $1,727,000 Net Income Adjustments $2,395,000 $1,187,000 $1,043,000 $950,000 Changes in Operating Activities Accounts Receivable -$652,000 -$367,000 -$497,000 -$25,000 Changes in Inventories -$422,000 -$429,000 -$1,023,000 -$179,000 Other Operating Activities -$1,667,000 -$937,000 -$504,000 -$1,610,000 Liabilities $2,925,000 $1,384,000 $2,082,000 $1,317,000 Net Cash Flow-Operating $5,943,000 $2,405,000 $2,098,000 -$61,000 Cash Flows-Investing Activities Capital Expenditures -$3,232,000 -$1,432,000 -$2,319,000 -$4,081,000 Investments -- -- -- -- Other Investing Activities $100,000 -$4,000 -$18,000 -$115,000 Net Cash Flows-Investing -$3,132,000…
The information that follows relates to equipment owned by Coronado Limited at December 31, 2023: Cost Accumulated depreciation to date Expected future net cash flows (undiscounted) Expected future net cash flows (discounted, value in use) Fair value Costs to sell (costs of disposal) $7,920,000 880,000 6,160,000 5,588,000 5,456,000 44,000 At December 31, 2023, Coronado discontinues use of the equipment and intends to dispose of it in the coming year by selling it to a competitor. It is expected that the costs of disposal will total $44,000.