April 18, 2021 at 8:03 PM It would be unusual for a company to have an asset impairment in Year 1, but for the sake of this example, ABC determined that their intangible asset might be impaired on December 31, 2021. Record the impairment adjustment, if any. The expected future undiscounted net cash flows for this intangible asset totals $175,000, and the fair value of the asset is $165,000. I Paste BIU a. A B E 00 UN Credit Debit 393,125 300,000 350,000 4,167 88,000 500,000 16,570 260,000 108,330 F8 + x V fx 1 ABC Corporation 2 Unadjusted Trial Balance 3 December 31, 2021 4 5 6 Gash 7 Accounts receivable Allowance for doubtful accounts 9 Inventory 10 Allowance to Reduce Inventory to NRV 11 Purchases 12 Prepaid insurance 13 Land 14 Building 15 Accumulated depreciation: building 16 Equipment 17 Accumulated depreciation equipment 18 Delivery Trucks 19 Accumulated depreciation delivery trucks 20 Investment in XYZ Company Stock 21 Patent 22 Accounts payable 23 Notes payable 24 Income taxes payable 25 Uncarned rent revenue 26 Bonds Payable 27 Premium on Bonds Puyable 28 Common stock 29 PIC In Excess of Par Common Stock 30 Retained earnings 31 Treasury stock 32 Dividends 33 Sales Revenue 34 Unrealized Holding Losses/Gains on Trading Securities-NI 35 Advertising expense 36 Wages expose 37 Office expense 38 Depreciation expense 39 Udlities expense 40 Insurance expense 41 Income taxes expense 42 100,000 200,000 116,184 100,000 47,667 15,000 1,000,000 81,105 125,000 40,000 50,000 28,000 1,000,880 9,240 62,150 54,083 124,900 33,571 45,833 47,667 2,650,736 $ $ 2,650,736 42 44 Instructions Unadjusted Trial Balance Adjustments Needed Amortization Ready