1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
kompoz [17]
2 years ago
13

Scenario 3: Assume that Jacob had not yet sold the office furniture division by the end of 2016. Further, assume that the fair v

alue less costs to sell of the division's assets at December 31, 2016, was $11.60 million and was expected to remain the same when the assets are sold in 2017. The book value of the division's assets was $18.64 million at the end of the year. Required: Under these assumptions, what would Jacob report in its 2016 income statement regarding the office equipment division? (Enter your answer in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).)
Business
1 answer:
vladimir2022 [97]2 years ago
8 0

Answer:

According to IAS 36 Impairment of Assets says that impairment must be launched when it is clear that the carrying value of the asset is higher than  fair value less cost to sell or value in use.

In this question, we can see that the carrying value which is $18.64m is higher than $11.6m by $7.04m (18.64-11.6).

Dr. Impairment Loss   $7.04m

CR. Accumulated Impairment Loss   $7.04

The (Dr.) impairment Loss Should be Reported in the statement of comprehensive income as an Expense and (CR.) Accumulated Impairment Loss would reduce the Carrying Amount of the Respective Asset in the balance sheet.

You might be interested in
The stockholders' equity section of lester company's balance sheet follows:
avanturin [10]
Everything  the includes law .........
5 0
3 years ago
Please somebody help me
OLEGan [10]

1.Ph.D

2. training

3. bachelors degree

8 0
3 years ago
You have a gross lease. Your rent is $1,000 per month. Taxes and maintenance total $500 per month. What is your total
kirill115 [55]

Answer:

Your total monthly payment would be 1,500 dollars.

Explanation:

7 0
2 years ago
Northwestern Data Systems has adopted a new organizational approach with regard to information flow, ensuring that employees hav
bija089 [108]

Answer:

neither she nor her supervisor has any demonstrable reason to access such information.

Explanation:

When security measures are introduced in information system access in an organisation, an individual is limited to only a defined set of data.

Access to data outside one's normal job role requires a request for addition of such access.

In the given instance Northwestern Data Systems has adopted a new organizational approach that ensures employees have access to the only data they need.

Stacy, an administrative assistant requests a report regarding disciplinary action on a manager outside her department.

She will not be able to get it because she should normally not be able to discipline a manager.

So she can't access it because neither she nor her supervisor has any demonstrable reason to access such information.

3 0
2 years ago
True or False: The consequences of price ceilings are random, as the effects cannot be explained by the dynamics of the free mar
alexandr402 [8]
True because in Shanghai the equilibrium of the bees is much harder than the volume of the wasp in Kosovo
4 0
3 years ago
Other questions:
  • Monette has posted over 100 book reviews on discussion forums. she also frequently reviews products and services and posts her r
    11·1 answer
  • 20 points A trading business will use the________ account to track its inflow of goods.
    8·2 answers
  • Which of the following accurately describes a capital gain
    7·2 answers
  • ​ Which of the following is FALSE?
    6·1 answer
  • The Homestead Strike of the Iron and Steel workers in Homestead, PA is representative of the struggle in the late 1800's between
    5·1 answer
  • name some differences between the requirements and responsibilities between volunteer,intern, and paid jobs
    10·1 answer
  • McKean Corporation authorized 500,000 shares of common stock in its articles of incorporation. On May 1, 2019, 100,000 shares we
    7·1 answer
  • Plz help I will make u brainleist!!four points difference between engineering and architecture​
    9·1 answer
  • Updating procedures and systems, reinforcing marketing strategies, and updating advertising techniques, are all examples of what
    15·1 answer
  • Use the data in P 13-5 for Prince Company. Assume that the stock price per share is $ 28 and that dividends in the amount of $ 3
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!