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Category > Accounting Posted 21 Apr 2017 My Price 10.00

Exercise 12-14 (Part Level Submission)

Exercise 12-14 (Part Level Submission)
Presented below is net asset information related to the Metlock Division of Santana, Inc.
METLOCK DIVISION
NET ASSETS
AS OF DECEMBER 31, 2017
(IN MILLIONS)
Cash
Accounts receivable
Property, plant, and equipment (net)
Goodwill
Less: Notes payable
Net assets $65
214
2,609
215
(2,604)
$499 The purpose of the Metlock Division is to develop a nuclear-powered aircraft. If successful,
traveling delays associated with refueling could be substantially reduced. Many other benefits
would also occur. To date, management has not had much success and is deciding whether a
write-down at this time is appropriate. Management estimated its future net cash flows from the
project to be $420 million. Management has also received an offer to purchase the division for
$335 million. All identifiable assets’ and liabilities’ book and fair value amounts are the same. (a)
Prepare the journal entry to record the impairment at December 31, 2017. (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

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SuperTutor
(15)
Status NEW Posted 21 Apr 2017 01:04 AM My Price 10.00

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