Under ASPE, determine if there is any impairment and prepare any necessary entry on 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. ENTER AMOUNTS IN MILLIONS.) Date Dec. 31, 2023 (b) Account Titles and Explanation Loss on Impairment eTextbook and Media List of Accounts Date Dec. 31, 2024 Accumulated Impairment Losses - Goodwill Debit Account Titles and Explanation 130 On December 31, 2024, it is estimated that the reporting unit's fair value has increased to $422 million. Under ASPE, prepare the journal entry, if any, to record the increase in fair value. (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. ENTER AMOUNTS IN MILLIONS.) Debit Credit 130 Credit Attempts: 1 of 3 used
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Please answer the following question
Must choose from the following LIST OF ACCOUNTS:
Accounts Payable
Accumulated Amortization - Copvrights
Accumulated Amortization - Customer Database
Accumulated Amortization - Customer lists
Accumulated Amortization - Development Costs
Accumulated Amortization - Franchises
Accumulated Amortization - Licences
Accumulated Amortization - Patents
Accumulated Amortization - Software
Accumulated Amortization - Trademarks
Accumulated Impairment Losses - Copyrights
Accumulated Impairment Losses -
Accumulated Impairment Losses - Licences
Accumulated Impairment Losses - Patents
Accumulated Impairment Losses - Trade Names
Accumulated Impairment Losses - Trademark
Administrative Expenses
Advances to Employees
Advertising Expense
Allowance for Doubtful Accounts
Amortization Expense
Bank Loans
Buildings
Cash
Common Shares
Cost of Goods Sold
Depreciation Expense
Equipment
Gain on Disposal of Intangible Assets
Gain on Sale of Equinment
Gain on Sale of Land
Goodwill
Income Summary
Intangible Assets
Intangible Assets-Copyrights
Intangible Assets-Customer lists
Intangible Assets-Development Costs
Intangible Assets-Franchises
Intangible Assets-Licences
Intangible Assets-Patents
Intangible Assets-Software
Intangible Assets-Software (New)
Intangible Assets-Software (Old)
Intangible Assets-Trade Names
Intangible Assets-Trademarks
Interest Expense
Interest Income
Interest Receivable
Inventory
Land
Leasehold Improvements
Loss on Disposal of Intangible Assets
Loss on Impairment
Loss on Impairment - Goodwill
Loss on Impairment - Licences
Loss on Impairment - Patents
Loss on Impairment - Trademarks
Loss on Sale of Copyright
Loss on Sale of Receivables
Machinery
Maintenance and Repairs Expense
Miscellaneous Expense
No Entry
Notes Payable
Notes Receivable
Office Expense
Operating Expenses
Prepaid Expenses
Prepaid Rent
Recovery of Loss from Impairment
Rent Expense
Research and Development Expense
Revaluation Gain or Loss
Revaluation Surplus (OCI)
Royalty Expense
Sales
Sales Discounts
Sales Discounts Forfeited
Selling Expenses
Supplies
Supplies Expense
Unearned Revenue
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