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tekilochka [14]
2 years ago
7

Coronado Industries purchased equipment in 2019 at a cost of $912000. Two years later it became apparent to Coronado Industries

that this equipment had suffered an impairment of value. In early 2021, the book value of the asset is $583000 and it is estimated that the fair value is now only $360000. The entry to record the impairment is
Business
1 answer:
Rasek [7]2 years ago
6 0

Answer and Explanation:

The journal entry to record the impairment is as follows:

Loss on impairment of equipment $223,000 ($583,000 - $360,000)  

            To Accumulated depreciation- Equipment $223,000

(Being the impairment is recorded)

Here the loss would be debited as it increased the losses and accumulated depreciation is credited as it decreased the assets

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Emma's property is assessed at $650,000. her property qualified for a $50,000 homestead tax exemption and was appraised at $800,
Rama09 [41]
Emma's taxable property value should be $600,000 since her taxes will be based on the assessment not the appraisal and also because she gets the $50,000 tax reduction so therefore to reiterate she will be taxed on only the $600,000.
6 0
3 years ago
For a recent 2-year period, the balance sheet of Blue Company showed the following stockholders’ equity data at December 31 (in
Misha Larkins [42]

Answer:

Par value of common stock is $2.5

Explanation:

The par value of common stock can determined by dividing the common stock total amount in each of the two years by the shares issued and outstanding in each year as demonstrated below:

2019:

Par value of common stock =Common stock($)/shares issued

common stock($) is $555 million

shares issued and outstanding is 222 million shares

par value of common stock=$555 million/222 million=$2.5

2020:

Par value of common stock =Common stock($)/shares issued

common stock($) is $560 million

shares issued and outstanding is 224 million shares

par value of common stock=$560 million/224 million=$2.5

Ultimately the par value of common stock as shown be computations for both years is $2.5

7 0
2 years ago
______ are the relatively permanent and deeply held underlying beliefs and attitudes that help determine a person's behavior. Th
11111nata11111 [884]

Answer:

The correct answer is d. Values

Explanation:

values are sort of like the roots of our beliefs that are so deeply embedded in our mindset they almost influence and indirectly governs all aspects of our being. The values are deeply held, can be personal and acts as the foundation for morals, thoughts, ideas, innovations, etc...

7 0
3 years ago
47:49
rusak2 [61]
The correct answer is
8 0
3 years ago
Jarvey Corporation is studying a project that would have a ten-year life and would require a $450,000 investment in equipment wh
Nastasia [14]

Answer:

3 years

Explanation:

Since the income tax is ignored, so the operating cash flows would be

= EBIT + Depreciation - Income tax expense

= $105,000 + $45,000 - $0

= $150,000

The operating cash flows are same for ten years

And, the initial investment is $450,000

So, the payback period would be

= Initial investment ÷ Net cash flows

= $450,000 ÷ $150,000

= 3 years

6 0
3 years ago
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