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Question - Innovative Inc. has a piece of equipment with a carrying amount of $175,000. Technology has changed, indicating that the machine may be impaired. A new machine with updated technology could be purchased for $350,000. A used machine of similar vintage is listed on-line for $160,000. The expected future cash flows from continuing to use the asset are $148,000. The estimated value if the company sold the asset less commission costs is $155,000.
1) What is the recoverable amount?
2) What is the amount of impairment?
The upper Valley Tennis Club had the following transactions during May. Set up T-accounts and make entries for each of the transactions into the T- accounts
A fire destroys all of the merchandise of Bridgeport Company on February 10, 2017. What is the approximate inventory on February 10, 2017
Ivanhoe Company purchased a new van for floral deliveries on January 1, 2017. What is the depreciation expense for 2017
Indicate whether the following statements are true or false. For any false statement indicate why it is false Enterprise Funds are not used to account for the construction of major highways financed from tax revenues.
Gundrum Company purchased equipment on January 1, 2012 for $888,200. Prepare any entry needed in 2017 to account for this change
The market value of the common shares at the date of the conversion was $30 per share. Prepare the journal entry to record the conversion
The bonds are dated January 1, 2017, and pay interest on June 30 and December 31. What is the total cash received on the issue date
During the year, kate sold the following assets: business auto for $1,000 loss, how much of these losses may Kate claim? Explain
The company has taxable income of $357,000 in 2016. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable
At 1 July 2017, Lobstar Ltd acquired the following non-current assets, Make a journal entries for Lobstar Ltd for the years ending 30 June 2015 and 2016.
the following is a december 31 2013 post-closing trial balance for almway corporation. nbspnbspaccount
Please complete the following five exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and subm..
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