FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 ari…
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please answer the last part, thanks

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.) (c) Date Dec. 31, 2024 Account Titles and Explanation No Entry eTextbook and Media List of Accounts Date Dec. 31, 2023 No Entry Debit Account Titles and Explanation 0 Under IFRS, 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.) Debit Credit 0 Credit Attempts: 1 of 3 used
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Transcribed Image Text: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.) (c) Date Dec. 31, 2024 Account Titles and Explanation No Entry eTextbook and Media List of Accounts Date Dec. 31, 2023 No Entry Debit Account Titles and Explanation 0 Under IFRS, 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.) Debit Credit 0 Credit Attempts: 1 of 3 used
The following is net asset information for the Dhillon Division of Blue Spruce Inc.: Cash Accounts receivable Property, plant, and equipment (net) Goodwill Less: Notes payable Net assets NET ASSETS As at December 31, 2023 (in millions) (a) Your answer is correct. Book Value $51 Date 218 Dec. 31, 2023 2,645 213 (2,640) $487 Loss on Impairment The purpose of the Dhillon Division (also identified as a reporting unit or cash-generating unit) is to develop a nuclear-powered aircraft. If successful, travelling delays that are associated with refuelling could be greatly reduced, and operational efficiency would increase significantly. Fair Value Excluding Goodwill To date, management has not had much success and is deciding whether a writedown of goodwill is appropriate at this time. Management has prepared the following estimates for the reporting unit or cash-generating unit: 1. Undiscounted future net cash flows are appro ately $422 million. 2. Future value in use is approximately $482 million. 3. Sale of the unit would yield $357 million and selling costs would total $8 million. $51 Account Titles and Explanation 218 2,821 (2,640) 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.) Accumulated Impairment Losses - Goodwill Debit 130 Credit 130
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Transcribed Image Text:The following is net asset information for the Dhillon Division of Blue Spruce Inc.: Cash Accounts receivable Property, plant, and equipment (net) Goodwill Less: Notes payable Net assets NET ASSETS As at December 31, 2023 (in millions) (a) Your answer is correct. Book Value $51 Date 218 Dec. 31, 2023 2,645 213 (2,640) $487 Loss on Impairment The purpose of the Dhillon Division (also identified as a reporting unit or cash-generating unit) is to develop a nuclear-powered aircraft. If successful, travelling delays that are associated with refuelling could be greatly reduced, and operational efficiency would increase significantly. Fair Value Excluding Goodwill To date, management has not had much success and is deciding whether a writedown of goodwill is appropriate at this time. Management has prepared the following estimates for the reporting unit or cash-generating unit: 1. Undiscounted future net cash flows are appro ately $422 million. 2. Future value in use is approximately $482 million. 3. Sale of the unit would yield $357 million and selling costs would total $8 million. $51 Account Titles and Explanation 218 2,821 (2,640) 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.) Accumulated Impairment Losses - Goodwill Debit 130 Credit 130
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