A piece of land has been revalued annually at the year-end. An indicator of impairment was found on 30 June 2021. The impairment test confirmed impairment losses. The information about the land on 30 June 2021 is shown below. Fair Value $200,000 Carrying Amount $160,000 Recoverable Amount $100,000 What should be done for recording the events that occurred on 30 June 2021? i. Revaluation, then impairment ii. Impairment, then revaluation iii. Revaluation only iv. Impairment only

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Which of the following will cause a difference in book depreciation and federal depreciation?    Choosing to depreciate a class of property using straight-line on the federal return and straight-line on the books.  Depreciating property with a useful life of less than one year.  Electing to take a Section 179 deduction on eligible property.  Placing property in service mid-year.

What should be the carrying value of goodwill for reporting unit A at year - end? What should be the carrying value of goodwill for reporting unit D at year-end ? What impairment loss should reporting unit B report for the year?\table [[Reporting Unit, A, B, C, D Reporting Unit Carrying Value of reporting unit Goodwill included in carrying value Fair Value of net identifiable assets at year-end Fair Value of reporting unit at year-end G A $600,000 $60,000 $600,000 $590,000 B C $330,000 $520,000 $48,000 $40,000 $300,000 $500,000 $305,000 $585,000 D $380,000 $28,000 $375,000 $400,000

Crane Corporation uses straight-line depreciation, prepares adjusting entries annually, and has a December 31 year end. It purchased equipment on January 1, 2020, for $196,400. The equipment had an estimated useful life of five years and a residual value of $20,440. On December 31, 2021, the company tests for impairment and determines that the equipment's fair value is $95,600. (a) Your answer has been saved. See score details after the due date. Assuming annual depreciation has already been recorded at December 31, calculate the equipment's carrying amount at December 31, 2021, immediately after recording depreciation for the year. (b) Carrying amount $ 126016 Calculate the amount of the impairment loss, if any. Impairment loss $ Attempts: 1 of 1 used W

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On December 31, 20x1, Entity A determines that its building is impaired. The following information is gathered: Building Accumulated Depreciation Fair Value less Cost of Disposal 1,000,000 200,000 600,000 580,000 Value in Use How much is the impairment loss?

The equipment has carrying amount of 140,000 and recoverable amount of $110,000 as at year end date. What is the impairment loss?

After first recording any impairment losses on plant and equipment and the patent. Required: 1. Compute the book value of the plant and equipment and patent at the end of 2024. 2. When should the plant and equipment and the patent be tested for impairment? 3. When should goodwill be tested for impairment? 4. Determine the amount of any impairment loss to be recorded, if any, for the three assets. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the book value of the plant and equipment and patent at the end of 2024. Note: Enter your answers in millions rounded to 1 decimal place. For example, $5,500,000 should be entered as $5.5. Plant and equipment Book Value million Patent million