Maurice Tutor

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About Maurice Tutor

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Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 12 Aug 2017 My Price 13.00

Acme Inc.

At the end of its reporting year (December 31, 2010), Acme Inc. shows the following intangible assets on its books: $60,000 patent with estimated remaining useful life of 10 years, and $92,000 goodwill with an indefinite life. Before closing its books, the company evaluates its intangible assets and identifies a $20,000 impairment in the patent and a $32,000 impairment in goodwill. These amounts are the same for US GAAP and IFRS purposes. For IFRS, Acme Inc. does not revalue its intangible assets.

a. How will the impairment loss be recorded using US GAAP and for IFRS?

b. Assume that at the end of 2011, Acme Inc. determines the company has recovered $12,000 of the patent impairment and $16,000 of the goodwill impairment. How will this be recorded using US GAAP and IFRS?

c. Assume instead that at the end of 2011, Acme Inc. determines the company has recovered $18,000 of the patent impairment. How will this be recorded using US GAAP and IFRS?

d. Assume instead that at the end of 2011, Acme Inc. determines the company has recovered $24,000 of the patent impairment. How will this be recorded using US GAAP and IFRS?

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Aug 2017 02:08 PM My Price 13.00

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