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Prepare the journal entry to record the loss on impairment

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Reference no: EM133085108

Question - Trademark Impairment:

1. Kox Company owns a trademark with an indefinite life that has a carrying amount of $300,000. Kox expects future cash flow from this trademark to total $210,000. The fair Value of the trademark is $100,000. Prepare the journal entry, if necessary, to record the loss on impairment.

2. Assume instead that the future cash flow from the trademark was estimated to be $310,000. Prepare the journal entry, if necessary, to record the loss on impairment.

Reference no: EM133085108

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