How do record the impairment loss on december

Assignment Help Financial Accounting
Reference no: EM132931286

Oriole Ltd. purchased equipment on January 1, 2015 at a cost of $189,020. The equipment has an estimated useful life of 10 years and a residual value of $10,640. Oriole realized that there was a declining demand for the product being produced by the equipment. Given this indicator of possible impairment, management determined that the recoverable amount of the asset on December 31, 2018 was $97,320. The company uses the straight-line method of depreciation.

Question 1: Record the impairment loss, if any, on December 31, 2018.

Reference no: EM132931286

Questions Cloud

How much should be contributed tio rr : EE, MM and RR are partners sharing income of 1:2:3. EE- 50,000CR, MM 40,000 DR, RR 30,000 CR. how much should be contributed tio RR
What is journal entry to adjust company inventory account : What is the journal entry to adjust the company's inventory account and any other adjusting journal entries as at December 31, 2020
Research project on plants : Two students are doing a research project on plants. They want to explore how external environments affect how a seed grows. So they decide to grow 5 tomato see
What enterprise value of firm if required return ten percent : You forecast that free cash flow of the firm for 2020 will be $250 million. What is enterprise value of the firm if the required return is 10%?
How do record the impairment loss on december : Record the impairment loss, if any, on December 31, 2018. Oriole realized that there was a declining demand for the product being produced.
Find how many shares does the firm have outstanding : Find how many shares does the firm have outstanding? A firm has an enterprise value of $15 million and debt totalling $6 million.
Hardy-weinberg principle : Consider the Hardy- Weinberg Principle. Does the data suggest that the squirrels in the park have evolved? Why or why not?
Provide a differential diagnosis of the potential causes : Her GP sends the patient for haematological investigations. Provide a differential diagnosis of the potential causes.
How can assess the proposal from the lessor point of view : Assess the proposal from the lessor's point of view examining whether leasing the machine is financially viable at 14% cost of capital.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Find what are the cash flows of the project in years

If the firm uses straight-line depreciation over a 6-year life, what are the cash flows of the project in years 0 to 6? The new washer will have zero.

  Compute for the fair value of the non-controlling interest

Compute for the fair value of the Non-Controlling Interest. On January 1, 2016, Yurea Co. acquired 90% of the ordinary shares outstanding of Shania Co

  Prepare the journal entries on the books of marin leasing

Prepare the journal entries on the books of Marin Leasing to reflect the payments received under the lease and to recognize income for the years

  What is the required return for Pacific Petroleum stock

You are considering another stock, Pacific Petroleum, to add to the Portfolio that has a stock beta of 2.3. What is required return for Pacific Petroleum stock

  Prepare an income statement for january 2014

Prepare an Income Statement for January 2014 and a BalanceSheet as of January 31, 2014.

  Calculated as capital expenditures for free cash flow ratio

Is accumulated depreciation calculated as capital expenditures for free cash flow ratio? my cash flow statement has capital expenditures of a bldg, land and equipment. It also has accumulated depreciation. In calculating the ration should i pick up t..

  Evaluate the correct inventory amount

Premier Bank and Trust is giving Alou Company a loan. Before doing so, management decides that added discussions with Alou's accountant may be desirable.

  Discuss the nature of any modifications required

Discuss the nature of any modifications required to the standard unqualified audit report which will enable the drafting of the audit report on the 2007 annual financial statements of Client Ltd

  Prepare the bank reconciliation for this company as of april

Prepare the bank reconciliation for this company as of April 30 and prepare the journal entries necessary to bring the company's book balance of cash into conformity with the reconciled cash balance as of April 30.

  How much was the retained earnings at end if the fifth year

How much was the retained earnings at the end if the fifth year? How much was the total shareholders' equity at the end of the fifth year?

  Record the transfer premium to the debt service fund

Record the transfer premium to the debt service fund. The City of Waterman established a capital projects fund for the construction of an access ramp

  Question robby owns a small condo near the beach during the

question robby owns a small condo near the beach. during the year the home was used as follows- rented out for fair

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd