kau.3 Presented below is information related to a copyright owned by Sheridan Company at December 31, 2025.CostCarrying amount$8,640,0004,270,000Expected future net cash flows3,940,000Fair value3,360,000Assume that Sheridan 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.(a)Prepare the journal entry to record the impairment of the asset at December 31, 2025. The companydoes not use accumulated amortization accounts. (If no entry is required, select "No Entry" for the accounttitles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Donot indent manually. List debit entry before credit entry.)Account Titles and ExplanationDebitCredi

Step 1:Impairment test:Carrying amount of copyright = $4,270,000Expected future net cash flows =…

Answered: Presented below is information related…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable

Section: Chapter Questions

Problem 11P

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Presented below is information related to a copyright owned by Mare Company at December 31, 2020. Cost $8,600,000 Carrying amount 4,300,000 Expected future net cash flows 4,000,000 Fair value 3,200,000 Assume that Mare Company will continue to use this copyright in the future. As of December 31, 2020, the copyright is estimated to have a remaining useful life of 10 years. Instructions a. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. The company does not use accumulated amortization accounts. b. Prepare the journal entry to record amortization expense for 2021 related to the copyright. c. The fair value of the copyright at December 31, 2021, is $3,400,000. Prepare the journal entry (if any) necessary to record the increase in fair value.
Current Attempt in Progress Presented below is information related to a copyright owned by Oriole Company at December 31, 2025. Cost Carrying amount Expected future net cash flows Fair value (a) $8,520,000 4,410,000 Assume that Oriole 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. 3,910,000 3,320,000 eTextbook and Media 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.) Account Titles and Explanation Debit Credit
Presented below is information related to copyrights owned by Fielding Company at December 31, 2020. Cost $9,450,000 Carrying amount 5,850,000 Expected future net cash flows (undiscounted) 5,000,000 Fair value 4,420,000 Assume that Fielding Company will continue to use this copyright in the future. As of December 31, 2020, the copyright is estimated to have a remaining useful life of 8 years. Instructions: 1. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. The company does not use accumulated amortization accounts. 2. Prepare the journal entry to record amortization expense for 2021 related to the copyrights. 3. The fair value of the copyright at December 31, 2021, is $5,800,000. Prepare the journal entry (if any) necessary to record the increase in fair value. h
Presented below is information related to copyrights owned by Carla Vista Company at December 31, 2020. Cost $8,630,000 Carrying amount 4,480,000 Expected future net cash flows 4,140,000 Fair value 3,330,000 Assume that Carla Vista Company will continue to use this copyright in the future. As of December 31, 2020, the copyright is estimated to have a remaining useful life of 10 years. Prepare the journal entry to record amortization expense for 2021 related to the copyrights.
answer needed ASAP Presented below is information related to copyrights owned by Wamser Corporation at December 31, 2020. Cost $6,000,000 Carrying amount 5,200,000 Expected future net cash flows 4,700,000 Fair value 3,200,000 Assume Wamser will continue to use this asset in the future. As of December 31, 2020, the copyrights have a remaining useful life of 5 years. a. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. b. Prepare the journal entry to record amortization expense for 2021. c. The fair value of the copyright at December 31, 2021 is $2,500,000. Prepare the journal entry (if any) necessary to record this increase in fair value.
Presented below is information related to copyrights owned by Carla Vista Company at December 31, 2020. Cost $8,630,000 Carrying amount 4,480,000 Expected future net cash flows 4,140,000 Fair value 3,330,000 Assume that Carla Vista Company will continue to use this copyright in the future. As of December 31, 2020, the copyright is estimated to have a remaining useful life of 10 years. The fair value of the copyright at December 31, 2021, is $3,500,000. Prepare the journal entry necessary to record the increase in fair value.
Presented below is information related to copyrights owned by Fielding Company at December 31, 2020. Cost $10,450,000 Carrying amount 6,420,000 Expected future net cash flows 5,000,000 Fair value 3,850,000 Assume that Fielding Company will continue to use this copyright in the future. As of December 31, 2020, the copyright is estimated to have a remaining useful life of 10 years. Instructions Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. The company does not use accumulated amortization accounts. Prepare the journal entry to record amortization expense for 2021 related to the The fair value of the copyright at December 31, 2021, is $4,800,000. Prepare the journal entry (if any) necessary to record the increase in fair value.
Presented below is information related to copyrights owned by Taylor Corporation atDecember 31, 2020.Carrying amount 7,000,000Expected future net cash flows 6,200,000Fair value 3,300,000Assume Taylor will continue to use this asset in the future. As of December 31, 2020,the copyrights have a remaining useful life of 5 years.Instructions(a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020.(b) Prepare the journal entry to record amortization expense for 2021.(c) The fair value of the copyright at December 31, 2021 is $3,400,000. Prepare thejournal entry, under GAAP, necessary to record this increase in fair value.
Presented below is information related to copyrights owned by Ivanhoe Corporation at December 31, 2020. Cost $5,640,000 Carrying amount 5,252,000 Expected future net cash flows 5,170,000 Fair value 3,360,000 Assume Ivanhoe will continue to use this asset in the future. As of December 31, 2020, the copyrights have a remaining useful life of 5 years.
Presented below is information related to a copyright owned by Music Company at December 31, 2022.Cost of copyright acquired on 1 January 2014 $8,600,000 Recoverable amount at December 31, 2022 3,500,000When the Music Company acquired the copyright in 2014, it estimated the useful life to be 20 years. Assume that Music Company will continue to use this copyright in the future. As of December 31, 2022, the copyright is estimated to have a remaining useful life of 10 years.Required(a) Prepare all the necessary journal entries at December 31, 2023. The company does not use accumulated amortization accounts.(b) The fair value of the copyright at December 31, 2023, is $3,700,000. prepare all the necessary journal entries at December 31, 2022..
Presented below is information related to copyrights owned by Ivanhoe Corporation at December 31, 2020. Cost $5,640,000 Carrying amount 5,252,000 Expected future net cash flows 5,170,000 Fair value 3,360,000 Assume Ivanhoe will continue to use this asset in the future. As of December 31, 2020, the copyrights have a remaining useful life of 5 years. (a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (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.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020
a. A copyright purchased on January 1, 2020, for a cash cost of $15,70O. The copyright is expected to have a 10-year useful life to Springer. b. Goodwill of $77,000 from the purchase of the Hartford Company on July 1, 2019. CA patent purchased on January 1, 2019, for $56,000. The Inventor had registered the patent with the U.S. Patent and Trademark Office on January 1, 2015. Springer Intends to use the patent for its remaining life. Required: 1. Compute the amortization expense of each intangible for the year ended December 31, 2020. The company does not use contra- accounts. 2a. Show how the expenses related to the three intangible assets should be reported on the Income statement for 2020. 2b. Show how the three intangible assets should be reported on the balance sheet for 2020. (Assume there has been no Impairment of goodwill.)

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