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What is the impairment journal entry for Aug

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Reference no: EM132818972

Question - FLY Company they produce computers. On Aug 31 20x8 board of director put hard drive division for sale that was cash generating units. Fly company continued to operating until the buyer is found. They hired external consulting firm to search a buyer at a 3% commission of the value of the sale transactions.

 

Net asset for Book Value

Aug 31 20x8 EST FV

Dec 31 20x8 EST FV

Current asset

100,000

90,000

92,000

P/P/E

640,000

500,000

550,000

Current Liabilities

80,000

80,000

80,000

Required -

A) What is the impairment journal entry for Aug 31 20x8.

B) What is the impairment journal entry for Dec 31 20x8.

Reference no: EM132818972

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