Assume that the following asset group has been deemed impaired by $500,000 (as a group). Asset/Liability Pre-Impairment Net Carrying Value Fair Value Asset A $ 900,000 $600,000 Asset B $300,000 ? Asset C $450,000 $400,000 Asset D $600,000 ? Per your understanding of the application of ASC 360, what would be the post- impairment carrying value for Asset C? Group of answer choices $350,000 $400,000 $450,000 $0

Bravo Ltd classified one of its buildings as a non-current asset held for sale. This building was measured at cost less accumulated depreciation. It is currently carried at fair value less costs to sell of 150,000. At year end the fair value less costs to sell was 155,500 impairment losses previously recognized unde IAS36 impairment of assets are 1,500 and under IFRS5 1,500 how much of the impairment loss can be reserved

In accordance with IAS 36 Impairment of Assets, which of the following statements are true?   Non-current assets must be checked annually for indications of impairment An impairment loss must be recognized immediately in the income statement, except that all or part of a loss on a previously revalued asset should be charged against any related revaluation surplus If the fair value less costs to sell exceeds the carrying amount of an asset, there is no need to estimate value in use   A         (1) and (2) B          (1) and (3) C         (2) and (3) D         (1), (2) and (3)

Martinez Company owns equipment that cost $1,053,000 and has accumulated depreciation of $444,600. The expected future net cash flows from the use of the asset are expected to be $585,000. The fair value of the equipment is $468,000.Prepare the journal entry, if any, to record the impairment loss. (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.) Account Titles and Explanation Debit Credit

Windsor Company owns equipment that cost $972,000 and has accumulated depreciation of $410,400. The expected future net cash flows from the use of the asset are expected to be $540,000. The fair value of the equipment is $432,000.Prepare the journal entry, if any, to record the impairment loss. (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.) Account Titles and Explanation Debit Credit enter an account title   enter a debit amount   enter a credit amount   enter an account title   enter a debit amount   enter a credit amount

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

Shamrock Inc. owns equipment that cost $470,000 and has accumulated depreciation of $122,000. The expected future net cash flows from the use of the asset are expected to be $311,000. The fair value of the equipment is $269,000. Prepare the journal entry, if any, to record the impairment loss. (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 Debit Credit

. Last year, Wyeth Company recorded an impairment on an asset held for use. Recent appraisals indicate that the asset has increased in value. Should Wyeth record this recovery in value under GAAP?

7.On Dec 31, 2021, ABC Company has an equipment with the following cost and accumulated depreciation: Equipment P9,000,000; Accumulated depreciation P3,000,000. Due to obsolescence and physical damage, the equipment is found to be impaired. On Dec 31, 2021, the company has determined the following: Fair value of equipment less cost to sell P4,500,000; Value in use of the equipment P4,000,000. ABC Company should report an impairment loss for the year 2021 at