Presented below is information related to equipment owned by Blossom Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $11,070,000 1.230,000 8,610,000 5,904,000 Blossom intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $24,600. As of December 31, 2020, the equipment has a remaining useful life of 4 years. Prepare the journal entry of any) to record the impairment of the asset at December 31, 2020. (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.) Date Account Titles and Explanation Dec. 31 Debit Credit eTextbook and Media List of Accounts I Show Transcribed Text ง с Prepare the journal entry (if any) to record depreciation expense for 2021. (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.) Account Titles and Explanation eTextbook and Media List of Accounts Debit Credit The asset was not sold by December 31, 2021. The fair value of the equipment on that date is $6,519,000. Prepare the journal entry (if any) necessary to record this increase in fair value. It is expected that the cost of disposal is still $24,600. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 31 Debit Credit

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Presented below is information related to equipment owned by Davis Company at December 31, 2020. Cost Accumulated Depreciation to date Expected future net cash flows (undiscounted) Fair value $7,750,000 750,000 Instructions: 6,250,000 6,600,000 Assume that Davis intends to dispose of the asset in the coming year. It is expected the cost of disposal will be $15,000. As of December 31, 2020, the equipment has a remaining useful life of 5 years. 1. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. 2. Prepare the iournal entry to record depreciation expense for

Presented below is information related to equipment owned by Suarez Company at December 31, 2020. Cost   $9,000,000 Accumulated depreciation to date   1,000,000 Expected future net cash flows   7,000,000 Fair value   4,800,000 Suarez intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $20,000. As of December 31, 2020, the equipment has a remaining useful life of 4 years.   The asset was not sold by December 31, 2021. The fair value of the equipment on that date is $5,300,000. Prepare the journal entry (if any) necessary to record this increase in fair value. It is expected that the cost of disposal is still $20,000. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title to record the…

Presented below is information related to equipment owned by Novak Company at December 31, 2025. Cost Accumulated depreciation to date Expected future net cash flows Fair value $11,250,000 1,250,000 8,750,000 Dec. 31 6,000,000 Novak intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $25,000. As of December 31, 2025, the equipment has a remaining useful life of 4 years. The asset was not sold by December 31, 2026. The fair value of the equipment on that date is $6,625,000. Prepare the journal entry (if any) necessary to record this increase in fair value. It is expected that the cost of disposal is still $25,000. (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.) Date Account Titles and Explanation Debit Credit

Presented below is information related to equipment owned by Oriole Company at December 31, 2025. Cost Accumulated depreciation to date. Expected future net cash flows Fair value (a) $10,000,000 (b) 1,200,000 Oriole intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $24,000. As of December 31, 2025, the equipment has a remaining useful life of 5 years 8.400.000 5,760,000 Prepare the journal entry of any to record depreciation expense for 2026 ( no entry is required, select "No entry for the account titles and enter O for the amounts Credit account titles are automatically indented we entered. Do not indent manually List debit entry before credit entry) Account Titles and Explanation Debit Credit

Presented below is information related to equipment owned by Sunland Company at December 31, 2025. Cost Accumulated depreciation to date Expected future net cash flows Fair value (a) $10,170,000 Sunland intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $22,600. As of December 31, 2025, the equipment has a remaining useful life of 4 years. 1,130,000. 7,910,000 5,424,000 Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2025. (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.) Dec. 31 Date Account Titles and Explanation Debit Credit

Presented below is information related to equipment owned by Vaughn Company at December 31, 2020. Cost   $10,350,000 Accumulated depreciation to date   1,150,000 Expected future net cash flows   8,050,000 Fair value   5,520,000 Assume that Vaughn will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years.   The fair value of the equipment at December 31, 2021, is $5,865,000. Prepare the journal entry (if any) necessary to record this increase in fair value. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title to record the transaction on December 31, 2018 enter a debit amount enter a credit amount   enter an account title to record the transaction on December 31, 2018…

Presented below is information related to equipment owned by Swifty Company at December 31, 2020. Cost   $9,270,000 Accumulated depreciation to date   1,030,000 Expected future net cash flows   7,210,000 Fair value   4,944,000 Assume that Swifty will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title to record the transaction on December 31, 2017 enter a debit amount enter a credit amount   enter an account title to record the transaction on December 31, 2017 enter a debit amount enter a credit amount

Presented below is information related to equipment owned by Bramble Company at December 31, 2020.   Cost $10,260,000 Accumulated depreciation to date 1,140,000 Expected future net cash flows 7,980,000 Fair value 5,472,000   Assume that Bramble will continue to use this asset in the future. As of December 31, 2020, the equipment has 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 depreciation expense for 2021.