Presented below is information related to equipment owned by Oriole SpA at December 31, 2022.CostAccumulated depreciation to dateValue-in-useFair value less cost of disposal(a)€10,620,000Oriole intends to dispose of the equipment in the coming year. As of December 31, 2022, the equipment has a remaining useful lifeof 4 years.Date1,180,000Dec. 318,260,0005,192,000Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2022. (If no entry is required, select "Noentry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do notindent manually.)Account Titles and ExplanationDebitCredit

Answer : Date Account title Debit Credit Dec.31 Loss on impairment a/c Dr. 4,248,000 To…

Answered: ation to date disposal €10,620,000…

Business

Accounting

ation to date disposal €10,620,000 1,180,000 8,260,000 5,192,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 11E: On May 10, 2019, Horan Company purchased equipment for 25,000. The equipment has an estimated...

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Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.

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Presented below is information related to equipment owned by Oriole SpA at December 31, 2022.
Cost
Accumulated depreciation to date
Value-in-use
Fair value less cost of disposal
(a)
€10,620,000
Oriole intends to dispose of the equipment in the coming year. As of December 31, 2022, the equipment has a remaining useful life
of 4 years.
Date
1,180,000
Dec. 31
8,260,000
5,192,000
Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2022. (If no entry is required, select "No
entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not
indent manually.)
Account Titles and Explanation
Debit
Credit

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