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leyplus.com/eduger/it/main.uni E M Gmail YouTube Maps E4 Backup: Kieso, Intermediate Accounting, 12CE Help System Announcements PRINTER VERSION 4 HACK NEXT Problem 11-14 Novak Corporation uses special strapping equipment in its packaging business. The equipment was purchased in January 2019 for $9.40 milion and had an estimated useful life of 8 years with no residual value. In early April 2020, a part costing $820,000 and designed to increase the machinery's efficiency was added. The machine's estimated useful life did not change with this addition. By December 31, 2020, new technology had been introduced that would speed up the obsolescence of Novak's equipment. Novak's controller estimates that expected undiscounted future net cash flows on the equipment would be $5.92 million, and that expected discounted future net cash flows on the equipment would be $5.5 million, Fair value of the equipment at December 31, 2020, was estimated to be $5.26 million, Novak intends to continue using the equipment, but estimates that its remaining useful life is now four years. Novak uses straight-line depreciation. Assume that Novak is a private company that follows ASPE. your answer is partially correct. Try again. Prepare the journal entry to record asset impairment at December 31, 2020. If any. (Credit account titles are automatically indented when the amount is entered De not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to decimal places, .0.5.275.) Date Account Titles and Explanation Debit Credit December 31, 2020 loss or impairment 3693990 Accumulated Imoalment LIST OF ACCOUNTS LK TO TLKI LINK TO TEXT LINK TO TEXT 512M 0 0 c O Search 5 C G LUS E4 Backup: Kiese, Intermediate Accounting, 12CE Help System Announcements TRCES ent- PRINTUVAI SHOW UST OF ACCOUNTS 2 LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is correct. Study Fair value of the equipment at December 31, 2021, is estimated to be $5.55 million. Prepare any journal entries for the equipment at December 31, 2021. (Credit account 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 for amounts.) Date Account Titles and Explanation Debit Credit December 31, 2021 Depreciation Expense 1315000 Accumulated Deprecat 1315000 SHOW.LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is correct. ere to search O E4 Backup: Kiese, Intermediate Accounting, 12CE Helo 1 System Announcements PRUNTER VERSION RAOK SHOW LEST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is correct. Repeat part (b), assuming that on December 31, 2021, Novak's management decides to dispose of the equipment. As at December 31, 2021, the asset is still in use and not ready for sale in its current state. In February 2022. Novak's management will meet to outline an active program to find a buyer. (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.) Date Account Titles and Explanation Debit Credit December 31, 2021 Depreciation Expense 1315000 Accumulated Deprecat 1315000 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is correct. 0408 2:13 PM 1/17/01 arch RE o S kann. Untermedia E4 Backup: Kieso, Intermediate Accounting. 12CE PRINTER VESTOR BACK SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT M Your answer is correct, Repeat part (b), assuming that the equipment is designated as "held for sale as of January 1, 2021, and that the equipment was not in use in 2021 but was still held by Novak on December 31, 2021. (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 for the amounts.) Date Credit Debit Account Titles and Explanation December 31, 2021 No Entry No Entry SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. WA640 Search -SLATE M Gmail YouTube 9 Maps US E4 Backup: Kieso, Intermediate Accounting, 12CE Help System Announcements PINTEREST NG Your answer is partially correct. Try again. Repeat parts (a) and (b), assuming instead that Novak is a public company that prepares finandal statements in accordance with URS. (Credit accountles 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 for the amounts. Hound answers to o decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Debit Credit Account Titles and Explanation Hy Date D December 31, 2020 3503890 Loss on Impalment 3503890 Accumulated Impairme 1362500 2362500 1 December 31, 2021 Depreciation Expense E Accumulated Depreciati (To record depreciation on Equipment) 1462500 1462500 December 31, 2021 Accumulated Impairment B Recovery of Loss from (To record the recovery of loss from impairment) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LTH TO TEXT 7 O 1 e to search leyplus.com/eduger/it/main.uni E M Gmail YouTube Maps E4 Backup: Kieso, Intermediate Accounting, 12CE Help System Announcements PRINTER VERSION 4 HACK NEXT Problem 11-14 Novak Corporation uses special strapping equipment in its packaging business. The equipment was purchased in January 2019 for $9.40 milion and had an estimated useful life of 8 years with no residual value. In early April 2020, a part costing $820,000 and designed to increase the machinery's efficiency was added. The machine's estimated useful life did not change with this addition. By December 31, 2020, new technology had been introduced that would speed up the obsolescence of Novak's equipment. Novak's controller estimates that expected undiscounted future net cash flows on the equipment would be $5.92 million, and that expected discounted future net cash flows on the equipment would be $5.5 million, Fair value of the equipment at December 31, 2020, was estimated to be $5.26 million, Novak intends to continue using the equipment, but estimates that its remaining useful life is now four years. Novak uses straight-line depreciation. Assume that Novak is a private company that follows ASPE. your answer is partially correct. Try again. Prepare the journal entry to record asset impairment at December 31, 2020. If any. (Credit account titles are automatically indented when the amount is entered De not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to decimal places, .0.5.275.) Date Account Titles and Explanation Debit Credit December 31, 2020 loss or impairment 3693990 Accumulated Imoalment LIST OF ACCOUNTS LK TO TLKI LINK TO TEXT LINK TO TEXT 512M 0 0 c O Search 5 C G LUS E4 Backup: Kiese, Intermediate Accounting, 12CE Help System Announcements TRCES ent- PRINTUVAI SHOW UST OF ACCOUNTS 2 LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is correct. Study Fair value of the equipment at December 31, 2021, is estimated to be $5.55 million. Prepare any journal entries for the equipment at December 31, 2021. (Credit account 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 for amounts.) Date Account Titles and Explanation Debit Credit December 31, 2021 Depreciation Expense 1315000 Accumulated Deprecat 1315000 SHOW.LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is correct. ere to search O E4 Backup: Kiese, Intermediate Accounting, 12CE Helo 1 System Announcements PRUNTER VERSION RAOK SHOW LEST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is correct. Repeat part (b), assuming that on December 31, 2021, Novak's management decides to dispose of the equipment. As at December 31, 2021, the asset is still in use and not ready for sale in its current state. In February 2022. Novak's management will meet to outline an active program to find a buyer. (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.) Date Account Titles and Explanation Debit Credit December 31, 2021 Depreciation Expense 1315000 Accumulated Deprecat 1315000 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is correct. 0408 2:13 PM 1/17/01 arch RE o S kann. Untermedia E4 Backup: Kieso, Intermediate Accounting. 12CE PRINTER VESTOR BACK SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT M Your answer is correct, Repeat part (b), assuming that the equipment is designated as "held for sale as of January 1, 2021, and that the equipment was not in use in 2021 but was still held by Novak on December 31, 2021. (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 for the amounts.) Date Credit Debit Account Titles and Explanation December 31, 2021 No Entry No Entry SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. WA640 Search -SLATE M Gmail YouTube 9 Maps US E4 Backup: Kieso, Intermediate Accounting, 12CE Help System Announcements PINTEREST NG Your answer is partially correct. Try again. Repeat parts (a) and (b), assuming instead that Novak is a public company that prepares finandal statements in accordance with URS. (Credit accountles 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 for the amounts. Hound answers to o decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Debit Credit Account Titles and Explanation Hy Date D December 31, 2020 3503890 Loss on Impalment 3503890 Accumulated Impairme 1362500 2362500 1 December 31, 2021 Depreciation Expense E Accumulated Depreciati (To record depreciation on Equipment) 1462500 1462500 December 31, 2021 Accumulated Impairment B Recovery of Loss from (To record the recovery of loss from impairment) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LTH TO TEXT 7 O 1 e to search