Declarmen Corporation owns a factory in the United Kingdom. A change in business climate indicates that Declarmen should investigate for possible impairment. Below are date related to the factory’s assets ($ in millions): Book value $ 570 Undiscounted sum of future estimated cash flows 630 Present value of future cash flows 525 Fair value less cost to sell (determined by appraisal) 540 The amount of impairment loss that Declarmen should recognize according to International Financial Reporting Standards is:

Zebra SA is carrying out its annual impairment review. The carrying amounts of its cash generating unit are as follows:Goodwill 90000Office Headquarters 450000patents and software 120000 equipment 89000 total CA = 749000   There are indications that the CGU may be impaired. The net selling price of the CGU is estimated at €550,000. Value in Use has been calculated at €593,100.Further Information:Lion BV has recently sought to purchase Zebra’s patents and software. They were willing to pay €110,000. An office similar to the headquarters recently sold for €420,000.1. calculate the amount of the impairment loss and show how this should be allocated between the assets of the CGU (firstly without the further information about the Lion BV purchases and then finally incorporating that further information). Explain your workings

Sapporo K.K. was sued by a competitor in late 2017, and company management concluded that there was a 55 percent probability that the company would lose the lawsuit. The best estimate of the loss on December 31, 2017, was 4,000,000 yen. In 2018, the lawsuit is concluded with Sapporo paying its competitor 5,000,000 yen on May 15, 2018.   Assume that a foreign company using IFRS is owned by a company using U.S. GAAP. Thus, IFRS balances must be converted to U.S. GAAP to prepare consolidated financial statements. Ignore income taxes.   Required: Prepare journal entries for this lawsuit for the years ending December 31, 2017, and December 31, 2018, under (1) IFRS and (2) U.S. GAAP. Prepare the entry(ies) that the U.S. parent would make on the December 31, 2017, and December 31, 2018, conversion worksheets to convert IFRS balances to U.S. GAAP.

The Park Company is affected by the following contingencies at the end of 2016: 1. Expropriation of Park's foreign assets, valued at $3,000,000, appears reasonably possible. 2. Parks' legal counsel has concluded that it is probable that the company will be required to pay damages of $500,000 in a lawsuit. 3. It appears remotely possible that a major customer will be unable to repay Parks on a note receivable for $100,000. 4. Parks' controller estimates that $250,000 of the company's pledged receivables are likely to be uncollectible, and the lender will require Parks to honor the amounts. What total amount should Parks accrue for loss contingencies in 2016?

I do not know if 2.6 million is the correct answer for the second question. Please help me complete required 1 and 2.

raxton Inc. is considering the write-off of a limited-life intangible because of its lack of profitability. Explain to the management of Braxton how to determine whether a write-off is permitted.

Alpesh

Sunnyskies Ltd is an Australian business that manufactures solar panels for domestic use.     The assessment of internal and external indicators in the 2020-21 period suggested that an impairment loss was probable.   At 30 June 2021, Sunnyskies Ltd reported the following assets and recoverable amount                 Cash $80,000       Solar panels inventory 260,000       Trademark 240,000       Factory at cost 2,400,000       Accumulated depreciation – factory (600,000)       Machinery for manufacturing solar panels 1,100,000       Accumulated depreciation – machinery (300,000)       Goodwill on acquisition of competing companies 120,000       Total assets $3,300,000       Recoverable amount $2,800,000               Required:         Prepare the journal entry(ies) for any impairment loss occurring at 30 June 2021.

As a standard practice, the company does not recognize a provision for a guarantee of good operation of the products sold. Based on past statistics, the cost of repairing damage of products sold in the fiscal year amounts to € 500 while the cost of repairing damaged products sold in previous years amounts to € 600. If the balance sheet net worth is 5000, what will be the actual net worth at the end of the fiscal year?

Suppose that fabulous had purchased trucks for $400,000 which were used solely in the transportation of inventory purchased in different parts of the united states to U.S. customers. all transportation expenses, including depreciation deductions of $200,000 in respect of the trucks, were applied to reduce U.S.-source income. Fabulous then resells the used trucks for $410,000, thereby realizing income of $210,000, to a foreign purchaser that took title to the trucks in Peru. What is the source of the income realized on the sale of the trucks?