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Question - The purpose of the Marin Division (cash-generating unit) is to develop a nuclear-powered aircraft. If successful, traveling delays associated with refueling could be substantially reduced. Many other benefits would also occur. To date, management has not had much success and is deciding whether a write-down at this time is appropriate. Management estimated its future net cash flows from the project to be HK$424 million. Management has also received an offer to purchase the division for HK$359 million (fair value less costs to sell). All identifiable assets' and liabilities' book and fair value amounts are the same.
Property, plant, and equipment (net) HK$2,756
Goodwill 212
Accounts receivable 212
Cash 61
Less: Notes payable (2,862)
Net assets HK$379
At December 31, 2023, it is estimated that the division's recoverable amount increased to HK$3,241 million. Make the journal entry to record this increase in fair value.
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