Presented below is information related to copyrights owned by Crane Company at December 31, 2017.
Cost $8,540,000
Carrying amount 4,360,000
Expected future net cash flows 4,040,000
Fair value 3,400,000
Assume that Crane 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.
Prepare the journal entry to record the impairment of the asset at December 31, 2017. The company does not use accumulated amortization accounts.
Prepare the journal entry to record amortization expense for 2018 related to the copyrights
The fair value of the copyright at December 31, 2018, is $3,490,000. Prepare the journal entry necessary to record the increase in fair value.
Solved
Show answers
More tips
- F Family and Home Protect Your Home or Apartment from Pesky Ants...
- O Other What is a Disk Emulsifier and How Does it Work?...
- H Health and Medicine How to Calm Your Nerves? Expert Tips That Actually Work...
- A Animals and plants 5 Tips for Taking Care of Yews to Keep Them Green and Beautiful...
- S Sport How to wrap boxing hand wraps? Everything you need to know!...
- F Food and Cooking 10 Reasons Why You Should Avoid Giving Re-Gifts: An Informative Guide...
- F Family and Home Tender Care for Your Parquet: Is it Possible to Clean Parquet?...
- S Style and Beauty How Are Eyelash Extensions Applied? All Your Questions Answered...
- F Food and Cooking 10 Tips for Proper Sushi Consumption...
- S Style and Beauty Learn how to tie a keffiyeh on your head like a pro...
Answers on questions: Business
- B Business 2 All of the following were circumstances leading up to the Great Crash of 1929 except many farmers were suffering financially stock prices were steadily increasing...
- B Business 4. ten bonds are purchased for $9,855.57. they are kept for 5 years and coupon payments are received at the end of each of the 5 years. immediately following the owner’s...
- B Business What is a major reason for deforestation and land development? losing topsoil creating reserves building homes making plastics?...
- S Social Studies Plz answer this question...
- M Mathematics An 8th-grade class washed cars and pets to raise money for a children’s hospital. They charged $10 to wash a car and $5 to wash a pet. They raised $1,600 in one week,...
- C Chemistry 1 won right gest the crown and lot of points; please hurry write an introductory paragraph. i. Include a brief description of coal and natural gas. ii. Include the...
- H History All of the following are reasons are why some people don t vote except. a) Apathy b) Too busy c) Voting rules like registration laws d) Too easy to vote...
- M Mathematics Help on math! thanks!...
- C Chemistry Which would have more of an effect on the mass of an aluminum atom: removing ten electors or one neutron?...
- M Mathematics Consider the equation: x^2+10x+22=13 Need help asap this is due in a hour!...
Ответ:
prolly ben askren
Explanation:
cause he was an ameture wrestler before