The recoverable amount of the equipment at december 31 2015

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Reference no: EM13578276

Presented below is information related to equipment owned by Pujols Company at December 31, 2014.

Cost (residual value $0)		$9,000,000
Accumulated depreciation to date		1,000,000
Value-in-use		5,500,000
Fair value less cost of disposal		4,400,000

Assume that Pujols will continue to use this asset in the future. As of December 31, 2014, the equipment has a remaining useful life of 8 years. Pujols uses straight-line depreciation.

The recoverable amount of the equipment at December 31, 2015, is $6,050,000. Prepare the journal entry (if any) necessary to record this increase. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Reference no: EM13578276

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