ouaRATOR FULL SCREEN PRINTER VERSION BACK xercise 12-13 (Part Level Submission)
ID: 2341230 • Letter: O
Question
ouaRATOR FULL SCREEN PRINTER VERSION BACK xercise 12-13 (Part Level Submission) resented below is information related to copyrights owned by Blossom Company at December 31, 2017. Cost Carrying amount Expected future net cash flows Fair value $8,500,000 4,200,000 3,900,000 3,200,000 Assume that Blossom Company will continue to use this copyright in the future. As of December 31, 2017, the copyright is estimated to have a remaining useful life of 10 years. (a) entry to record the impairment of the asset at December 31, 2017. The company does not use accumulated amortization accounts. (Il no entry is required select "No Entry" for the account titles and enter 0 for the amounts. Credit manually.) account titles are automatically indented when amount is entered. Do not indent Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Qen Show WorkExplanation / Answer
Loss On Impairment $ 1000000
Copyrights $ 1000000
Carrying Amount $ 4200000
Fair Value $ 3200000
Loss On Impairment $1000000
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