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Determine the impairment loss

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Question - Weber Publishing Company owns a copyright with a remaining legal life of five years. The company collected the following information with respect to this asset:

Cost $6,500,000

Accumulated amortization $650,000

Expected future cash flows:

Undiscounted $4,550,000

Discounted (value in use) $2,866,500

Fair value $4,160,000

Costs to sell $32,500

Weber follows IFRS.

Required -

1. Determine the impairment loss, if any, for the asset. Prepare an entry to record any adjustments required.

2. Assume instead that Weber follows ASPE. Determine the impairment loss, if any, for the asset. Prepare a entry to record any adjustments required.

Reference no: EM132982445

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