Business
Business, 27.04.2021 15:30, asdf334asdf334

Presented below is information related to copyrights owned by Sunland Company at December 31, 2020. Cost $8,520,000
Carrying amount 4,470,000
Expected future net cash flows 4,020,000
Fair value 3,450,000

Assume that Sunland Company will continue to use this copyright in the future. As of December 31, 2020, the copyright is estimated to have a remaining useful life of 10 years.

Required:
a. Prepare the journal entry to record the impairment of the asset at December 31, 2020. The company does not use accumulated amortization accounts.
b. Prepare the journal entry to record amortization expense for 2021 related to the copyrights.

answer
Answers: 1

Other questions on the subject: Business

image
Business, 21.06.2019 15:10, chrisraptorofficial
Pressure systems, inc., manufactures high-accuracy liquid-level transducers. it is investigating whether it should update certain equipment now or wait to do it later. if the cost now is $200,000, what will the equivalent amount be 3 years from now at an interest rate of 10% per year?
Answers: 3
image
Business, 21.06.2019 19:00, kaitlynbrace9742
Sara is a manager at a restaurant with employees from different cultural backgrounds. which action of sara could employees perceive as an act of favoritism?
Answers: 1
image
Business, 22.06.2019 07:30, yzafer3971
An instance where sellers should work to keep relationships with customers is when they instance where selllars should work to keep relationships with customers is when they feel that the product
Answers: 1
image
Business, 22.06.2019 16:10, olly09
The following are line items from the horizontal analysis of an income statement:increase/ (decrease) increase/ (decrease) 2017 2016 amount percent fees earned $120,000 $100,000 $20,000 20% wages expense 50,000 40,000 10,000 25 supplies expense 2,000 1,700 300 15 which of the items is stated incorrectly? a. fees earned b. supplies expense c. none of these choices are correct. d. wages expense
Answers: 3
Do you know the correct answer?
Presented below is information related to copyrights owned by Sunland Company at December 31, 2020....

Questions in other subjects:

Konu
Mathematics, 12.03.2021 22:30
Konu
Biology, 12.03.2021 22:30