Question
Brief Exercise 12-6 Ayayai Corporation owns a patent that has a carrying amount of $260,000. Ayayai expects future net cash flows from this patent to
Brief Exercise 12-6
Ayayai Corporation owns a patent that has a carrying amount of $260,000. Ayayai expects future net cash flows from this patent to total $180,000. The fair value of the patent is $80,000.
Prepare Ayayai's journal entry to record the loss on impairment.
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Financial Accounting and Reporting
Authors: Barry Elliott, Jamie Elliott
18th edition
1292162406, 978-1292162409
