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Grand Champion, Inc., purchased America's Sweethearts Corporation on January 1, 2013. At the time, America's Sweethearts had $750,000 of identifiable assets and $525,000 of liabilities. Grand Champion, Inc., paid $900,000 for America's Sweethearts Corporation.
Assume that three years later the fair value of America's Sweethearts is $720,000. Of this fair value, $350,000 is attributable to identifiable assets and liabilities. Assume that America's Sweethearts is a reporting unit of Grand Champion. At the end of 2014, America's Sweethearts has a fair value of $720,000 and a book value of $850,000, which includes any goodwill recorded. Of this fair value, $350,000 is attributable to identifiable assets and liabilities.1. Calculate the impairment loss (if any). If there is no impairment loss, leave the entry box blank.2. Record the appropriate journal entry.
A business had always made a provision for doubtful debts at the rate of 5% of debtors. On 1 January 2017 the provision for doubtful debts brought forward from the previous year wa
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Common stock $5 stated value (900,000 shares authorized, 620,000 shares issued)................. $3,100,000 Paid-in capital in excess o stated value-common stock ....1,240,000 Reta
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I need to know how to do a problem and whether I am missing information.
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