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Question - Cranston Inc. reported an impairment loss of $200,000 on its income statement for the year ended December 31, year 3. This loss was related to long-lived assets which Cranston intended to use in its operations. On the company's December 31, year 3 balance sheet, Cranston reported these long-lived assets after impairment at $1,000,000 and as of December 31, year 3, Cranston estimated that these long-lived assets would be used for another five years. On December 31, year 4, Cranston determined that the fair values of its impaired long-lived assets had increased by $50,000 over their fair values at December 31, year 3. On the company's December 31, year 4 income statement, what amount should be reported as the gain on reversal of impairment loss?
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Maggie's Muffins, Inc., generated $4,000,000 in sales during 2013, and its year-end total assets were $2,400,000. Also, at year-end 2013, current liabilities were $1,000,000, consisting of $300,000 of notes payable, $500,000 of accounts payable, and ..
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