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The following information is for a copyright owned by Flounder Corp., a publicly accountable entity, at December 31, 2023. Fl applies IFRS. Cost Carrying amount Expected future net cash flows (undiscounted) Fair value $4,339,000 2,167,000 2,021,000 1,519,000

The following information is for a copyright owned by Flounder Corp., a publicly accountable entity, at December 31, 2023. Fl applies IFRS. Cost Carrying amount Expected future net cash flows (undiscounted) Fair value $4,339,000 2,167,000 2,021,000 1,519,000

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter3: The General Journal And The General Ledger
Section: Chapter Questions
Problem 7DQ
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B. Prepare the journal entry to record amortization expense for 2024 related to the copyright. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

The following information is for a copyright owned by Flounder Corp., a publicly accountable entity, at December 31, 2023. Flounder applies IFRS. Cost Carrying amount Expected future net cash flows (undiscounted) Fair value (a) $4,339,000 2,167,000 2,021,000 Assume that Flounder will continue to use this copyright in the future. As at December 31, 2023, the copyright is estimated to have a remaining useful life of 8 years. The copyright's value in use is $1,877,000 and its selling costs are $104,000. 1,519,000 Date Account Titles and Explanation Dec. 31, 2023 Prepare the journal entry, if any, to record the asset's impairment at December 31, 2023. (Credit account titles are automatically indented when the 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 debit entry before credit entry.) Debit Credit
Transcribed Image Text:The following information is for a copyright owned by Flounder Corp., a publicly accountable entity, at December 31, 2023. Flounder applies IFRS. Cost Carrying amount Expected future net cash flows (undiscounted) Fair value (a) $4,339,000 2,167,000 2,021,000 Assume that Flounder will continue to use this copyright in the future. As at December 31, 2023, the copyright is estimated to have a remaining useful life of 8 years. The copyright's value in use is $1,877,000 and its selling costs are $104,000. 1,519,000 Date Account Titles and Explanation Dec. 31, 2023 Prepare the journal entry, if any, to record the asset's impairment at December 31, 2023. (Credit account titles are automatically indented when the 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 debit entry before credit entry.) Debit Credit
Account Titles and Explanation Debit Credit
Transcribed Image Text:Account Titles and Explanation Debit Credit
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