Answered step by step
Verified Expert Solution
Question
1 Approved Answer
can you please send me the right answer Ivanhoe Ltd. purchased equipment on January 1, 2015 at a cost of $173,030. The equipment has an
can you please send me the right answer
Ivanhoe Ltd. purchased equipment on January 1, 2015 at a cost of $173,030. The equipment has an estimated useful life of 10 years and a residual value of $9,740. Ivanhoe realized that there was a declining demand for the product being produced by the equipment. Given this indicator of possible impairment, management determined that the recoverable amount of the asset on December 31, 2018 was $101,290. The company uses the straight-line method of depreciation. (a) Your answer is correct. Calculate the annual depreciation and the carrying amount at December 31, 2018. Annual depreciation $ 16,329 Carrying amount $ 107,714 eTextbook and Media List of Accounts Attempts: 1 of 2 used - Your answer is partially correct. Record the impairment loss, if any, on December 31, 2018. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Debit Credit Date Account Titles and Explanation Dec. 31 Impairment Loss 22,753 Equipment 22,753Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started