Reference no: EM132805902
The following information is for a copyright owned by Bridgeport Corp., a private entity, at December 31, 2020. Bridgeport Corp. applies ASPE.
Cost $4,315,000
Carrying amount. 2,169,000
Expected future net cash flows (undiscounted). 2,034,000
Fair value 1,831,000
Assume that Bridgeport Corp. will continue to use this copyright in the future. As at December 31, 2020, the copyright is estimated to have a remaining useful life of 8 years.
Problem 1: Prepare the journal entry, if any, to record the asset's impairment at December 31, 2020.
Problem 2: Prepare the journal entry to record amortization expense for 2021 related to the copyright.
Problem 3: The copyright's fair value at December 31, 2021, is $2.3 million. Prepare the journal entry, if any, to record the increase in fair value.
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