What journal entries would girdwood prepare to record

Reference no: EM133654329

Question: Girdwood Inc. has a trademark that it expects to have an indefinite life. The carrying value of the trademark is $750,000. As of December 31, 2022, the fair value of the trademark was $600,000. The present value of the future cash flows is $630,000 and the undiscounted summation of the future cash flows is $1,000,000. The costs to sell the trademark would be insignificant.

Required: What journal entries would Girdwood prepare to record an impairment of the trademark using both US GAAP and IFRS?

Reference no: EM133654329

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