Presented below is information related to a copyright owned by Pharoah Company at December 31, 2025. Cost Carrying amount Expected future net cash flows Fair value $8,510,000 (a) 4,390,000 4,150,000 3,560,000 Assume that Pharoah 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. Prepare the journal entry to record the impairment of the asset at December 31, 2025. The company does not use accumulated amortization accounts. (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.)

Presented below is information related to a copyright owned by Pharoah Company at December 31, 2025. Cost Carrying amount Expected future net cash flows Fair value $8,510,000 (a) 4,390,000 4,150,000 3,560,000 Assume that Pharoah 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. Prepare the journal entry to record the impairment of the asset at December 31, 2025. The company does not use accumulated amortization accounts. (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.)

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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