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Which is compared with a long-lived asset carrying value

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Reference no: EM133012652

Problem 1: Under US GAAP, to determine whether a potential impairment exists, which of the following is compared with a long-lived asset's carrying value?

a. The asset's estimated future discounted net cash flows.

b. The asset's estimated future undiscounted net cash flows

c. The asset's fair market value

d. The asset's carrying cost

Problem 2: Under US GAAP, the company that has an asset with a carrying value of ?300,000, with its fair value amounting to ?180,000, and the future discounted cash flows from the use of the asset are estimated to be ?200,000, the firm should:

a. recognize an extraordinary loss of ?20,000

b. recognize an extraordinary loss of ?100,000

c. recognize an impairment loss of ?120,000

d. recognize an ordinary loss of ?100,000

Reference no: EM133012652

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