Reference no: EM132716503
Cougar Corp.'s balance sheet includes the following asset:
Equipment........................................................ $95,000
Less: accumulated depreciation...................... (25,000)
Book value (carrying amount).......................... $70,000
After performing its annual review for impairment, Cougar obtains the following data:
Asset's value in use......................................... $58,000
Fair value less disposal costs............................ 62,000
Problem 1: Assuming Cougar uses the rational entity impairment model,
a) Calculate the recoverable amount.
b) Calculate the impairment loss.
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