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Question - On March 1, 2014, Monsoon Company acquired a machine for $3,000,000 and estimates a 10 year life, $150,000 salvage and uses the Double-Declining-Balance method for this class of asset.
At the end of 2017 (after recording depreciation for the current year), Monsoon determined it was necessary to evaluate this equipment for impairment. The company estimates this equipment will generate cash inflows of $400,000 per year and cash outflows of $150,000/year for each of the next four years. The company uses a 15% discount rate to evaluate operating assets.
Determine the amount of any impairment loss to be recognized if Monsoon plans to dispose of this asset. The present value of an ordinary annuity of 15% is 2.85498; present value of $1 is 0.57175; and future value of annuity is 4.99338. Monsoon believes the present value is a good indicator of fair value in today's market. They also feel that a reasonable estimate for disposal costs is $13,745.
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