if 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, 2016 Record the impairment adjustment, ifany The expected future undiscounted net cash ows for this intangible asset totals $48,000, and the fair value of the asset is $45,000 8 On 7 11 16, ABC purchased 4,000 shares of its own stock from existing stockholders as treasury stock The cost of the treasury stock was $5 per share, or $20,000 in total The effects of this transaction are already shown in the unadjusted trial balance 0n 12, '31i'16, ABC reissued 2,000 shares ofthe treasury stock at $8 per share Record the journal entry required for the reissuance of the treasury stock 'Ib refresh your memory, treasury stock is usually accounted for at cost When treasury stock is reissued for more than its cost, a separate Paid in Capital Treasury Stock account should be used to account for the excess proceeds over cost See your Principles ofAcoounh'ng textbook or Chapter 18 of your Intermediate Accounting textbook for a review )

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if 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, 2016  Record the impairment adjustment, ifany  The expected future undiscounted net cash ows for this intangible asset totals $48,000, and the fair value of the asset is $45,000  8 On 7 11 16, ABC purchased 4,000 shares of its own stock from existing stockholders as treasury stock  The cost of the treasury stock was $5 per share, or $20,000 in total  The effects of this transaction are already shown in the unadjusted trial balance  0n 12, '31i'16, ABC reissued 2,000 shares ofthe treasury stock at $8 per share  Record the journal entry required for the reissuance of the treasury stock  'Ib refresh your memory, treasury stock is usually accounted for at cost  When treasury stock is reissued for more than its cost, a separate Paid in Capital Treasury Stock account should be used to account for the excess proceeds over cost   See your Principles ofAcoounh'ng textbook or Chapter 18 of your Intermediate Accounting textbook for a review )

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if It would be unusual for a company to have an asset impairment in Year 1, but for the sake of this example, ABC determined

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