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harkovskaia [24]
4 years ago
15

Lawson Corp. uses IFR.S and the cost model for intangible assets. On March 1, year 1, Lawson acquired intangible assets with an

indefinite life for $100,000. On December 31, year 1, it was determined that the recoverable amount for these intangible assets was $90,000. On December 31, year 2, it was determined that the intangible assets had a recoverable amount of $94,000. What is the impairment gain or loss recognized in year 1 and year 2 on the income statement?
Year I Year 2
a. $10,000 loss $6,000 loss
b. $10,000 loss $4,000 gain
c. $10,000 loss $0
d. $0 $0
Business
1 answer:
Leto [7]4 years ago
4 0

Answer:

b. $10,000 loss $4,000 gain

Explanation:

Since the carrying amount of the intangible assets is greater than its recoverable amount in the year 1, therefore the Lawson Corp shall recognised the impairment loss in respect of intangible assets in year 1 as follows:

Impairment loss=Carrying amount of intangible assets-recoverable amount of intangible asset

Impairment loss=$100,000-$90,000=$10,000 loss

Since the recoverable amount of the intangible assets is greater than its carrying amount  in the year 2, therefore the Lawson Corp shall reverse the impairment loss recognised in year 1 in the following way:

Gain=recoverable amount of intangible asset-Carrying amount of intangible assets

Gain=$94,000-$90,000=$4,000 Gain

So based on the above calculations,the answer shall be b. $10,000 loss $4,000 gain

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A+house+sold+for+$120,000,+which+was+96%+of+the+list+price.+what+did+the+house+list+for?
svp [43]

House listed for 4% So, The correct answer is 4% which is 4800

A strong, SEO-focused website that enables you to integrate IDX listings and funnel those leads directly into your CRM may need some initial investment, but it is an essential component of any successful real estate business.

Step-by-step explanation:

120,000 - 115200 = 4800

4800/120,000 = 0.04

0.04 * 100 = 4 percent

What is a listing on a house?

A contract that certifies a real estate agent's or broker's authority to manage the purchase or sale of real property and to be paid a fee or commission for their services. Real estate listings come in a variety of forms.

To learn more about Listing

brainly.com/question/25325640

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5 0
2 years ago
If the Mayor of Little Rock, Arkansas is also a director of a Little Rock municipal securities dealer, which of the following st
riadik2000 [5.3K]

Answer: B. I and IV

Explanation:

A CONTROL RELATIONSHIP is defined as a situation where an issuer is controlled by the DEALER, or the Dealer is controlled by the Issuer, or there common control between the Issuer and Dealer of the security. As Mayor of Little Rock and also the Director of the Municipal Dealer, there is definitely a CONTROL relationship going on.

The Municipal Securities Rulemaking Board (MSRB) requires that when a control relationship exists between a municipal securities dealer and the issuer whose bonds are recommended by that dealer, the nature of the relationship must be DISCLOSED to the customer.

Hence option B is correct.

4 0
3 years ago
Twenty years ago, a family purchased a vacant lot for $26,500. they made no improvements during the time they owned the property
KonstantinChe [14]
To find the gross profit margin found by:
(revenue - cost of goods sold)/revenue

Revenue = $62,275
Cost of goods sold (purchase price) = $26,500

= (62,275 - 26,500)/62,275
= 35,775/62,275
= 0.57 x 100
Percentage of gross profit = 57%
3 0
3 years ago
Read 2 more answers
Closing costs are calculated based on _____. loan amount minus down payment down payment made selling price of the house selling
olga_2 [115]

Answer

Closing costs are calculated based on price of the house minus down payment

Explanation

Closing costs are either brought as cash to closing or financed into a loan.They are usually used when people buy or rent properties and the closing cost is the amount a person pays based on the down payment. To estimate the closing cost, you subtract the down payment from the purchase price of the home.

7 0
3 years ago
What do you think campbell should do to counter the competition and remain in the top of the soup business?
Ivenika [448]

I think Campbell should face the competition by just focusing only on their business. They should focus on how to provide a better quality soup business to their customers. They should make their customers feel very satisfied and happy. They should face the competitors by providing the customers good quality soup and also at a less price than that of the competitors.

This will help in attracting many customers and the customers will feel very happy coming to such a business where they get these benefits.

Thus, the best way to face any competition is to make yourself better enough in comparison to other competitors so that the soup business doesn't have to do anything to attract customers. Customers should come by their own willingness.

This will surely help Campbell to remain at the top of the business and earn more and more and achieve its goals and objectives.

Learn more about the soup business at

brainly.com/question/17130040

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3 0
2 years ago
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