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Presented below is information related to long term assets owned by comet company at December 31,2019 original cost depreciation or amortization to date expected future net cash flows (undiscounted) fair market value equipment 500,000 47,500 450,000 443,500 the impairment should be 9000 40,000 56000
Presented below is information related to long term assets owned by comet company at December 31,2019
original cost
depreciation or amortization to date
expected future net cash flows (undiscounted)
fair market value
equipment
500,000
47,500
450,000
443,500
the impairment should be
- 9000
- 40,000
- 56000
Expert Solution
Computation of Loss on Impairment:
Loss on Impairment = Cost - Accumulated Depreciation to Date - Fair Value of the Asset
= $500,000 - $47,500 - $443,500
Loss on Impairment = $9,000
So, the correct option is 1st "$9,000".
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