CourseLover

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About CourseLover

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Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Architecture and Design,Art & Design,Biology,Business & Finance,Calculus,Chemistry,Engineering,Health & Medical,HR Management,Law,Marketing,Math,Physics,Psychology,Programming,Science Hide all
Teaching Since: May 2017
Last Sign in: 286 Weeks Ago, 2 Days Ago
Questions Answered: 27237
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Education

  • MCS,MBA(IT), Pursuing PHD
    Devry University
    Sep-2004 - Aug-2010

Experience

  • Assistant Financial Analyst
    NatSteel Holdings Pte Ltd
    Aug-2007 - Jul-2017

Category > Accounting Posted 20 Dec 2017 My Price 10.00

journal entry (ies) for any impairment loss

Prepare the journal entry (ies) for any impairment loss occurring at 30 June2015.

Carrying amount of assets=$1 500 000

Recoverable amount=$1 420 000

Impairment loss=$80 000

The impairment loss is firstly used to write off the goodwill of $40 000.

The balance of the loss, $40 000, is allocated across the other assets, except for cash and inventory, assuming it is recorded at the lower of cost and netrealisable value:

 

 

Carrying amount

Proportion

Allocation of loss

Net carrying amount

Brand

160 000

16/126

5079

154 921

factory

700 000

70/126

22 222

677 778

machinery

400 000

40/126

12 699

387 301
 

1 260 000

  

40 000

  
         
       

Answers

CourseLover
(12)
Status NEW Posted 20 Dec 2017 08:12 AM My Price 10.00

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