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Determine amount of impairment loss for bramble enterprises

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Reference no: EM132775600

Bramble Enterprises, Inc. operates several stores throughout the western United States. As part of an operational and financial reporting review in a response to a downturn in its markets, the company's management has decided to perform an impairment test on five stores (combined). The five stores' sales have declined due to aging facilities and competition from a rival that opened new stores in the same markets. Management has developed the following information concerning the five stores as of the end of fiscal 2019.

Original cost $34,480,000
Accumulated depreciation $10,770,000
Estimated remaining useful life 4 years
Estimated expected future annual cash flows (not discounted) $4,020,000 per year
Appropriate discount rate 5 percent

Problem 1: Determine the amount of impairment loss, if any, that Bramble should report for fiscal 2019 and the book value at which Bramble should report the five stores on its fiscal year-end 2019 balance sheet. Assume that the cash flows occur at the end of each year Amount of impairment loss?

Reference no: EM132775600

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