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Vincent Company at December 31, * 4 puntos Year 1, gathered the following information related to equipment: Carrying amo
Posted: Thu May 26, 2022 8:28 am
by answerhappygod
- Vincent Company At December 31 4 Puntos Year 1 Gathered The Following Information Related To Equipment Carrying Amo 1 (129.02 KiB) Viewed 21 times
Vincent
Company at December 31, * 4 puntos Year 1, gathered the following information related to equipment: Carrying amount: $20,000; Net selling price: $15,000; Undiscounted future cash flows: $17,000; Present value of future cash flows from use of the asset: $16,000. Following U.S GAAP, journal entry would be made to reflect the impairment of this equipment in Dec 31, Year 1 Dr. Equipment/Cr. Impairment Loss: $4,000 Dr. Impairment Loss/ Cr. Equipment: $3,000 Dr. Equipment/Cr. Impairment Loss: $3,000 Dr. Impairment Loss/ Cr. Equipment: $4,000