Crane Company owns equipment that cost $909,000 and has accumulated depreciation of $383,800. The expected future net cash flows from the use of the asset are expected to be $555,000. The fair value of the equipment is $404,000. Prepare the journal entry, if any, to record the impairment loss. (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. List debit entry before credit entry.) Account Titles and Explanation No Entry Debit Credit No Entry
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- Tamarisk Inc. owns equipment that cost $ 638,000 and has accumulated depreciation of $ 165,000. The expected future net cash flows from the use of the asset are expected to be $ 422,000. The fair value of the equipment is $ 365,000. Prepare the journal entry, if any, to record the impairment loss. (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 CreditSwifty Company owns equipment that cost $927,000 and has accumulated depreciation of $391,400. The expected future net cash flows from the use of the asset are expected to be $565,000. The fair value of the equipment is $412,000. Prepare the journal entry, if any, to record the impairment loss. (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. List debit entry before credit entry.) Account Titles and Explanation Loss on Impairment Accumulated Depreciation - Equipment Debit 123600 Credit 123600Splish Brothers Inc. owns equipment that cost $627,000 and has accumulated depreciation of $162,000. The expected future net cash flows from the use of the asset are expected to be $414,000. The fair value of the equipment is $358,000.Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount
- Windsor Company owns equipment that cost $972,000 and has accumulated depreciation of $410,400. The expected future net cash flows from the use of the asset are expected to be $540,000. The fair value of the equipment is $432,000.Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amountMartinez Company owns equipment that cost $1,053,000 and has accumulated depreciation of $444,600. The expected future net cash flows from the use of the asset are expected to be $585,000. The fair value of the equipment is $468,000.Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit* Your answer is incorrect. Bramble Company owns equipment that cost $1,026,000 and has accumulated depreciation of $433,200. The expected future net cash flows from the use of the asset are expected to be $620,000. The fair value of the equipment is $456,000. Prepare the journal entry, if any, to record the impairment loss. (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. List debit entry before credit entry.) Account Titles and Explanation Accumulated Depreciation - Equipment Loss on Impairment eTextbook and Media List of Accounts Debit 592800 0 Credit 0 592800
- Novak Corp., a small company that follows ASPE, owns machinery that cost $925,000 and has accumulated depreciation of $385,000. The undiscounted future net cash flows from the use of the asset are expected to be $513,000. The equipment's fair value is $440,000. Using the cost recovery impairment model, prepare the journal entry, if any, to record the impairment loss. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit CreditAsap Cullumber Company owns delivery equipment that cost $53,800 and has accumulated depreciation of $27,300 as of July 30, 2020. On that date, Cullumber disposes of this equipment. For parts b - d below, enter D for debit or C for credit in the first box and the amount in the second box. What is the net book value of the equipment on July 30, 2020? Assume Cullumber scraps the equipment as having no value on July 30. What is the gain or loss, if any, that Cullumber should recognize? Assume Cullumber sells the equipment for $37,200 cash on July 30. What is the gain or loss, if any, that Cullumber should recognize? Assume Cullumber sells the equipment for $18,000 cash on July 30. What is the gain or loss, if any, that Cullumber should recognize?Current Attempt in Progress Your answer is incorrect. Vaughn Company owns equipment that cost $1.035,000 and has accumulated depreciation of $437,000. The expected future net cash flows from the use of the asset are expected to be $625,000. The fair value of the equipment is $460,000. Prepare the journal entry, if any, to record the impairment loss. (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. List debit entry before credit entry) Account Titles and Explanation impair Accumulated Depreciation Equipment eTextbook and Media List of Accounts Save for Later Last saved 5 days ago Saved work will be auto submitted on the due date. Auto- submission can take up to 10 minutes. Debit 138000 Credit 138000 Attempts: 1 of 4 used Submit Answer
- ccCullumber Company owns delivery equipment that cost $53,800 and has accumulated depreciation of $27,300 as of July 30, 2020. On that date, Cullumber disposes of this equipment. For parts b - d below, enter D for debit or C for credit in the first box and the amount in the second box. What is the net book value of the equipment on July 30, 2020? Assume Cullumber scraps the equipment as having no value on July 30. What is the gain or loss, if any, that Cullumber should recognize? Assume Cullumber sells the equipment for $37,200 cash on July 30. What is the gain or loss, if any, that Cullumber should recognize? Assume Cullumber sells the equipment for $18,000 cash on July 30. What is the gain or loss, if any, that Cullumber should recognize?After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing equipment. The equipment had cost $748,000, accumulated depreciation was $547,000, and its fair value (based on estimated future cash flows from selling the equipment) was $48,000. Determine whether the equipment is impaired. Prepare the journal entries to record the impairment in asset if any. Fill in the blank : The fair value is ________ and the book value is ___________ , therefore this asset (is/is not) impaired Record journal entry to remove accumulated depreciation Record journal entry for the impairment lossPrepare journal entries to record these transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Blossom Company retires its delivery equipment, which cost $40,000. Accumulated depreciation is also $40,000 on this delivery equipment. No salvage value is received. Assume the same information as in part (a), except that accumulated depreciation for the equipment is $36,000 instead of 40,000. (a) (b) No. Account Titles and Explanation Debit Credit (a) (b)