Accounting Problem (Simple) Instructions Refer to Question 8 Background png , Use that information to complete the Journal Entries in Question 8 png Use the List of Accounts Below List of Accounts Accounts Payable Accounts Receivable Accumulated Amortization Copyrights Accumulated Amortization Customer List Accumulated Amortization Development Costs Accumulated Amortization Franchises Accumulated Amortization Licenses Accumulated Amortization Patents Accumulated Amortization Software Accumulated Amortization Trademarks Accumulated Depreciation Accumulated Impairment Losses Copyrights Accumulated Impairment Losses Goodwill Accumulated Impairment Losses Licences Accumulated Impairment Losses Patents Accumulated Impairment Losses Trademark Administrative Expenses Advances to Employees Advertising Expense Allowance for Doubtful Accounts Amortization Expense Bad Debt Expense Bank Loans Buildings Cash Common Shares Cost of Goods Sold Delivery Expense Depreciation Expense Equipment FV NI Investments Gain on Disposal of Intangible Assets Gain on Sale of Equipment Gain on Sale of Land Goodwill Income Summary Intangible Assets Copyrights Intangible Assets Customer List Intangible Assets Customer List Intangible Assets Development Costs Intangible Assets Franchises Intangible Assets Patents Intangible Assets Software Intangible Assets Software (New) Intangible Assets Software (Old) Intangible Assets Trade Names Intangible Assets Trademarks Interest Expense Interest Income Interest Receivable Inventory Land Leasehold Improvements Licenses Licensing Agreement Loss on Disposal of Copyright Loss on Disposal of Intangible Assets Loss on Disposal of Software Loss on Impairment Machinery Maintenance and Repairs Expense Miscellaneous Expense No Entry Notes Payable Notes Receivable Office Expense Prepaid Expenses Prepaid Rent Recovery of Loss from Impairment Rent Expense Research and Development Expense Retained Earnings Revaluation Gain or Loss Revaluation Surplus Revaluation Surplus (OCI) Royalty Expense Sales Revenue Selling Expenses Service Revenue Servicing Liability Sick Pay Wages Payable Supplies Supplies Expense Unearned Revenue Background Teals Construction Paving expanded its business by purchasing Alcott Maintenance, a division that provides road maintenance services The division was purchased three years ago for $3,341,000 and has been identified as a reporting unit The net assets for the division including goodwill are as follows Cash $255,000 Accounts Receivables 327,000 Inventory 771,000 Property, Plant Equipment 1,035,000 Goodwill 1,349,000 Accounts Payable (128,000 ) Unearned Revenue (83,000 Net assets, at carrying amounts $3,526,000 The fair value of the Alcott Maintenance Division reporting unit as a whole is estimated to be $3,765,000 Management determines that the unit's value in use is $3,865,000 Prepare any appropriate journal entries for goodwill impairment assuming that Teal Construction Paving is reporting under ASPE (If no entry is required, select No Entry for the account titles and enter O for the amounts Credit account titles are automatically indented when amount is entered Do not indent manually ) Account Titles and Explanation Debit Credit Prepare any appropriate journal entries for goodwill impairment assuming that Teal Construction Paving is reporting under IFRS (If no entry is required, select No Entry for the account titles and enter O for the amounts Credit account titles are automatically indented when amount is entered Do not indent manually ) Account Titles and Explanation Debit Credit

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Accounting Problem (Simple) Instructions Refer to Question 8 Background.png , Use that information to complete the Journal Entries in Question 8.png. Use the List of

Accounting Problem (Simple)

Instructions

Refer to Question 8 Background.png, Use that information to complete the Journal Entries in Question 8.png. Use the List of Accounts Below.

List of Accounts

Accounts Payable
Accounts Receivable
Accumulated Amortization - Copyrights
Accumulated Amortization - Customer List
Accumulated Amortization - Development Costs
Accumulated Amortization - Franchises
Accumulated Amortization - Licenses
Accumulated Amortization - Patents
Accumulated Amortization - Software
Accumulated Amortization - Trademarks
Accumulated Depreciation
Accumulated Impairment Losses - Copyrights
Accumulated Impairment Losses - Goodwill
Accumulated Impairment Losses - Licences
Accumulated Impairment Losses - Patents
Accumulated Impairment Losses - Trademark
Administrative Expenses
Advances to Employees
Advertising Expense
Allowance for Doubtful Accounts
Amortization Expense
Bad Debt Expense
Bank Loans
Buildings
Cash
Common Shares
Cost of Goods Sold
Delivery Expense
Depreciation Expense
Equipment
FV - NI Investments
Gain on Disposal of Intangible Assets
Gain on Sale of Equipment
Gain on Sale of Land
Goodwill
Income Summary
Intangible Assets - Copyrights
Intangible Assets - Customer List
Intangible Assets - Customer List
Intangible Assets - Development Costs
Intangible Assets - Franchises
Intangible Assets - Patents
Intangible Assets - Software
Intangible Assets - Software (New)
Intangible Assets - Software (Old)
Intangible Assets - Trade Names
Intangible Assets - Trademarks
Interest Expense
Interest Income
Interest Receivable
Inventory
Land
Leasehold Improvements
Licenses
Licensing Agreement
Loss on Disposal of Copyright
Loss on Disposal of Intangible Assets
Loss on Disposal of Software
Loss on Impairment
Machinery
Maintenance and Repairs Expense
Miscellaneous Expense
No Entry
Notes Payable
Notes Receivable
Office Expense
Prepaid Expenses
Prepaid Rent
Recovery of Loss from Impairment
Rent Expense
Research and Development Expense
Retained Earnings
Revaluation Gain or Loss
Revaluation Surplus
Revaluation Surplus (OCI)
Royalty Expense
Sales Revenue
Selling Expenses
Service Revenue
Servicing Liability
Sick Pay Wages Payable
Supplies
Supplies Expense
Unearned Revenue

Background

Teals Construction & Paving expanded its business by purchasing Alcott Maintenance, a division that provides road maintenance services. The division was purchased three years ago for $3,341,000 and has been identified as a reporting unit. The net assets for the division including goodwill are as follows: Cash $255,000 Accounts Receivables 327,000 Inventory 771,000 Property, Plant & Equipment 1,035,000 Goodwill 1,349,000 Accounts Payable (128,000 ) Unearned Revenue (83,000 Net assets, at carrying amounts $3,526,000 The fair value of the Alcott Maintenance Division reporting unit as a whole is estimated to be $3,765,000. Management determines that the unit's value in use is $3,865,000.Prepare any appropriate journal entries for goodwill impairment assuming that Teal Construction & Paving is reporting under ASPE. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Prepare any appropriate journal entries for goodwill impairment assuming that Teal Construction & Paving is reporting under IFRS. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit