Record the appropriate journal entry., Financial Accounting

Assignment Help:

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.

 


Related Discussions:- Record the appropriate journal entry.

Standards for accounting and review services, Q. Standards for Accounting a...

Q. Standards for Accounting and Review Services? Statements on Standards for Accounting and Review Services (SSARS) - Statements issued by AMERICAN INSTITUTE OF CERTIFIED PUBLI

Identify the depreciation methods, Identify the Depreciation Methods O...

Identify the Depreciation Methods On January 3, 2005, XYZ Distribution Co. paid $224,000 for a computer system. In addition to the basic purchase price, the company paid a set

Express trusts-trusts laws and accounts, EXPRESS TRUSTS Creation...

EXPRESS TRUSTS Creation : An express trust is "created not by facts and circumstances, but by the express words of the settlor". (Fitzgerald v Stewart) Completely an

Managing organisations with multiple objectives, The difficulties associate...

The difficulties associated with managing organisations with multiple objectives To the level that an organisation faces a range of stakeholders then they also face multiple ob

Determine the present value - annuity, Assume you are receiving an amount ...

Assume you are receiving an amount of Rs.5000 twice in a year for subsequent five years one time at the starting of the year and another amount of Rs. 5000 at the ending of the yea

What is the price of an asset paying, Suppose the interest rate for a one-p...

Suppose the interest rate for a one-period bond is 4% between the current period and the next. Then the rate becomes 5% for ever. (a) What is the price of an asset paying (1,1,1

Retained earnings, Ask question #MiniFollowing is the shareholder''s equity...

Ask question #MiniFollowing is the shareholder''s equity of Valdez Corporation on Jan. 1, 2018:Ordinary Shares, P100 par P6,000,000 Share Premium 500,000 Retained Earnings 1,800,

IAS 40, Hi I am doing my thesis on IAS 40 and I''m sort of stuck with find...

Hi I am doing my thesis on IAS 40 and I''m sort of stuck with finding information. I need to find positive and negative international critique on the standard

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd