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What amount will be reported for the trade name

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Question - In 20X1, X Company recognized an impairment loss on the trade name for its beverage product, reducing the carrying value from $485,000 to $350,000. At December 31, 20X3, while preparing its financial statements, X Company has determined that the fair value of the trade name has risen and it is now worth $500,000. What amount will be reported for the trade name on X Company's December 31, 20X3 balance sheet?

Reference no: EM133065147

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