Problem 30-11 (IFRS) At year-end, Burglar Company has a cash generating unit with the following...
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Accounting
Problem 30-11 (IFRS) At year-end, Burglar Company has a cash generating unit with the following assets at carrying amount: Inventory 200,000 Accounts receivable 300,000 Plant and equipment 6,000,000 Accumulated depreciation 2,600,000 Patent 850,000 Goodwill 100,000 The accounts receivable are regarded as collectible and the inventory has a fair value less cost of disposal which is equal to the carrying amount. The patent has a fair value less cost of dispotal of P750,000. At year-end, the entity determined the value in use of the unit at P4,050,000. Required: Prepare journal entry to record the impairment loss
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