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On January 1, 2015, Maple Inc. purchased an equipment at a cost of $74,000. The estimated useful life of the equipment is 5 years, with a residual value of $4,000. The firm applies the straight-line depreciation method over the useful life of the equipment and has a December 31, fiscal year-end.
Problem 1: Maple Inc. owns a furniture that as of December 31, 2019, had a cost of $50,000 and accumulated depreciation of $40,000. The firm had a reason to believe that the furniture was impaired. The firm estimated the future cash flows of the furniture at $9,000 and the fair value of the furniture at $7,000. Does Maple Inc. need to record an impairment for this furniture? If so, show your work to explain why and provide the journal entry for the impairment.
Financial Statement Analysis and Preparation
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Computation of Free Cash Flow
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