Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a company has the following assets in a cgu: land

A company has the following assets in a CGU: Land: $650,000 Building:...

90.2K

Verified Solution

Question

Accounting

A company has the following assets in a CGU:
Land: $650,000
Building: $1,118,000
Equipment: $832,000
Assume that due to a change in the competitive environment, the fair value less costs of disposal of the CGU is now estimated to be $2,340,000. The present value of future cash flows is estimated to be $2,300,000. There is no impairment at the individual asset level.
Required:
Prepare the journal entry to record the impairment under IFRS. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
\table[[No,Transaction,General Journal,,Debit,Credit],[1,1,Impairment loss,(2),260,000vv,],[,Land,0,,50,000
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Your acid has a pka of 7.54 and a concentration of 0.084M.        You are given...

Chemistry
Q

Victory Company uses weighted-average process costing to account for its production costs. Direct labor is added...

Accounting
Q

The two identical masses m 2 kg are connected by a light rod of length...

Physics
Q

Assuming a circular orbit what is the orbital velocity of Mars in kilometers per hour...

Physics
Q

In order that a floating object be in a stable rotation at equilibrium its centre...

Physics
Q

25m 46 Monochromatic radiation emitted when electron on hydrogen atom jumps from first excited to...

Physics
Q

21 The length of time it takes college students to find a parking spot in...

Statistics
Q

Assignment Online Quiz 4 Quest X wkeslearning com Portal Test Test Take Test lent X...

Algebra
Q

Use identities to reduce the expression to a function of a cos x 90 Choose...

Algebra
Q

x Company prepares monthly financial statements. The following transactions...

Accounting
Q

Latt On Demand purchased a coffee drink machine on January 1, 2011, for $44,000. Expected...

Accounting
Q

CIK Telecom, Saint John, New Brunswick has a perpetual requirement for a carbon processed chips...

Accounting