FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assume that on 1 January 2017 X has a patent (limited life) on how to extract oil from shale rock. The expected future net cash

Assume that on 1 January 2017 X has a patent (limited life) on how to extract oil from shale rock. The expected future net cash flows from this patent 7500000 and the carrying amount $50000000. The fair value of its patent to be $20000000. The loss on impairment is

a.

50000000

b.

30000000

c.

20000000

d.

No impairment loss

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Cases

Financial Accounting Cases

Authors: Camillo Lento, Jo-Anne Ryan

3rd Canadian Edition

1119594642, 978-1119594642

More Books

Students also viewed these Accounting questions

Question

★★★★★
Discount Interest Loans this question illustrates what is known as discount interest imagine you are discussing a loan with a somewhat unscrupulous lender. You want to borrow $20,000 for one year....

Answered: 1 week ago

Question

★★★★★
The following information relates to the only product sold by Harper Company. Sales price per unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 45...

Answered: 1 week ago

Question

★★★★★
=+c) State the null and alternative hypothesis. d) Calculate the F-statistic.

Answered: 1 week ago

Question

★★★★★
Palomar Chemical Company produces three products: ethylene, butane, and ester. Each of these products has high demand in the market, and Palomar Chemical is able to sell as much as it can produce of...

Answered: 1 week ago

Question

★★★★★
1. The Jones are a married couple and have always filed joint tax returns. On May 18, 2017, the couple was assessed with tax deficiencies for the 2015 tax year. The assessment relates to income paid...

Answered: 1 week ago

Question

★★★★★
Wildcat Sporting Goods (WSG) sells athletic shoes and trendy sports apparel to a variety of sporting goods stores in the Northeast and, in 2011, WSG also began direct Internet sales to consumers....

Answered: 1 week ago

Question

★★★★★
The following information was available for the year ended December 3 1 , 2 0 2 2 : Net sales Average accounts receivable for the year $ 9 1 2 , 5 0 0 Accounts receivable at year - end 2 7 , 5 0 0 1...

Answered: 1 week ago

Question

★★★★★
The following tableliststheconcentration of E. coli bacteria( C , mg/L) at any given time ( t , min) in a swimming area. Time, t (min) 0 4 8 12 16 20 24 28 Concentration, C (mg/L) 0 2.5 3.2 3.4 3.5...

Answered: 1 week ago

Question

★★★★★
Vulnerability scanning can be a critically important step to ensure a network is secure. For a penetration tester, are there any risks to conducing vulnerability scanning. What liabilities or...

Answered: 1 week ago

Question

★★★★★
A. Make a model for your Jamba Juice e commerce conversion funnel with at least 6 steps. Explain why you chose these six steps. Make some numeric targets (examples) for each step in your conversion...

Answered: 1 week ago

Question

★★★★★
Fiscal Years Ended January 29, 2021 January 31, 2020 Current Earnings Net sales Amount % Sales Amount % Sales February 1, 2019 Amount % Sales $ 89,597 100.00% S 72,148 100.00 % $ 71,309 100.00% Cost...

Answered: 1 week ago

Question

★★★★★
Youve observed two CEOs balancing the work of governing and guiding and using themselves as leaders to drive change. Now think of yourself and assess your general capacity to balance between guiding...

Answered: 1 week ago

Question

★★★★★
b. Did you suppress any of your anger? Explain.

Answered: 1 week ago

Question

★★★★★
2. To learn more about the way you handle anger, record your anger responses in a journal for a period of five days. When anger surfaces, record as many details as possible. What triggered your...

Answered: 1 week ago

Question

★★★★★
d. If you could relive the situation, would you do anything differently? Explain.

Answered: 1 week ago

Previous Question Next Question