QUESTION
EXERCISE 11-18
Category: Business
Subject: Finance
Due Date: 06/30/2014
Question Asked: 2014-06-30 20:42:39
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EXERCISE 11-18
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270,000 |
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Note: The asset fails the recoverability test ($260,000 < $500,000)
(b) What would be reported? It is not reported as an extraordinary item, is that correct?
(c) What is the entry?. Restoration of any impairment loss is permitted or not
(d) Management first had to determine whether
there was an impairment.
