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Calculate the amount of impairment for the assets

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Reference no: EM132864890

Roi Inc. is a private corporation following ASPE. On Jan 1, 2019 they purchased a limited life license for $200000. This license a ten year renewable. Straight line amortization will be used. At December 31, 2020, Roi estimate that the undercounted net cash flows of this license is the fair value (discounted net future cash flows) of this licence is 128000$.

Problem 1) Calculate the amount of impairment for this assets. You must show all of the steps in the impairment process to achieve full marks.

Problem 2) Prepare the adjusting entry required to reflect the impairment.

Reference no: EM132864890

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