User Account

All Pages

Prepare the journal entry to record the asset impairment

Assignment Help Accounting Basics
Reference no: EM132614071

Question - The following information is for a copyright owned by Pina Colada Corp., a publicly accountable entity, at December 31, 2020. Pina Colada Corp. applies IFRS.

Cost $4,310,000

Carrying amount 2,166,000

Expected future net cash flows (undiscounted) 2,037,000

Fair value 1,553,000

Assume that Pina Colada 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 10 years. The copyright's value in use is $1,898,000 and its selling costs are $125,000.

Required - Prepare the journal entry, if any, to record the asset's impairment at December 31, 2020.

Reference no: EM132614071

Questions Cloud

Explain how applying for a low-doc loan : Explain how applying for a Low-doc loan could lead the mortgage broker to be accused under NCCP of recommending an 'unsuitable' product
How big data fit in the modern business environment : In a paper of at least two pages (excluding the title and reference pages), address the following: Define ‘Big Data'. Describe how ‘Big Data' and distributed.
Measurement bases of different non-current assets : Do you think employees can be considered an asset of a company? Give reason for your answer in light of generally accepted accounting principles
Develop and maintain relevant networks : Explain how mortgage broker would develop and maintain relevant networks with professionals such as those you detailed above
Prepare the journal entry to record the asset impairment : Assume that Pina Colada Corp. will continue to use this copyright in the future. Prepare the journal entry, if any, to record the asset's impairment at December
How some of the items you have learned are used in devices : Cell phones are rapidly becoming very powerful and they provide many uses beyond just texting and talking. Look back at each week and provide examples.
Calculate the total asset equity as at august : Calculate the total assets, liabilities and Owner's equity as at 30 August. Ms Dalla invested RM15,000 cash in her business and deposited the money in the bank
Analyze the key risks faced by shahjalal islami bank : After several rounds of interview, you are successfully appointed as the Risk Manager of Shahjalal islami bank.
Define i-o and identify some of the elements needed in c++ : Input and Output are necessary functions with any code. Define I/O and identify some of the elements needed in C++ that would use input or create output.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate cash outflow in respect of purchases of property

Calculate the cash outflow in respect of purchases of property, plant and equipment for inclusion in the consolidated cash flow statement of STB group

  How can skull candy use departmental income statements

Skull candy sells headphones and other audio-mobile accessories and apparel. The company's plans call for continued expansion into other types of products.

  What is the internal rate of return for the given investment

What is the net present value (NPV) of this investment? What is the internal rate of return (IRR) for this investment?

  Make lessee and lessor journal entries for the three years

Doris is leasing a truck whose yearly rental is $5,189. The lease term is 3 years. Make lessee and lessor journal entries for the three years

  The company engaged in the following investment transactions

Media, Inc., began 2013 with $100,000 in both cash and common stock. The company engaged in the following investment transactions during 2013:

  Find and correct the error by the end of next month

You hope that no one will notice the error and you believe that you will be able to find and correct the error by the end of next month. Are your actions ethical? Why or why not? Did you have any other alternatives?

  Compute turnover and days sales inventory for raw materials

The following calendar year-end information is taken from the December 31, 2011, adjusted trial balance and other records of Plaza Company.

  Compute the total selling expenses for the month

miscellaneous selling expenses are $2,101 plus 1/2 of 1% of sales. What are the total selling expenses for the month of January

  What is carrying amount of the bond investment to be report

December 31, 2016 and 90 on December 31, 2017. What is the carrying amount of the bond investment to be reported on December 31, 2017?

  Marginal revenue product of the last worker

He employs 87 apple pickers and pays them each $8 per hour to pick apples, which he sells for $1.60 per box. If Frank is maximizing profit, what is the marginal revenue product of the last worker he hired? What is that worker's marginal product?

  Compute the total unemployment taxes

Jason Jeffries earned $10,200 while working for Brown Company. The company's SUTA tax reate is 2.9% of the first $7,000 of each employee's earnings. Compute the total unemployment taxes (SUTA and FUTA) that Brown Company should pay on Jeffries' e..

  Show the given transactions in the ledger of a james

On 1st January, 1961, A. James obtained two motor vehicles, the total cash price of which was £2,400. Payment was to be made as follows.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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