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Information has been collected regarding Orange Company s cash - generating unit that includes goodwill. At 3 1 December 2 0 X 5 , the
Information has been collected regarding Orange Companys cashgenerating unit that includes goodwill. At December X the assets of the Orange Companys cashgenerating unit are shown as follows in millions on the companys SFP: Cost Accumulated Depreciation Net Book Value Goodwill $ $ $ Equipment Building Patent rights $ $ $ An impairment test indicates that the recoverable amount assigned to the assets of this CGU is $ million. The assets are not separablethey must be operated or sold together as a group. Required: Prepare an adjusting journal entry to record the impairment. If no entry is required for a transactionevent select No journal entry required" in the first account field. Round your intermediate percentage answers to the nearest whole number ie should be considered as and final answers to the nearest whole dollar amount. Enter the amounts in millions. This part of the question is not part of your Connect assignment.
Information has been collected regarding Orange Companys cashgenerating unit that includes goodwill. At December X the assets of the Orange Companys cashgenerating unit are shown as follows in millions on the companys SFP:
Cost Accumulated Depreciation Net Book Value
Goodwill $ $ $
Equipment
Building
Patent rights
$ $ $
An impairment test indicates that the recoverable amount assigned to the assets of this CGU is $ million. The assets are not separablethey must be operated or sold together as a group.
Required:
Prepare an adjusting journal entry to record the impairment. If no entry is required for a transactionevent select No journal entry required" in the first account field. Round your intermediate percentage answers to the nearest whole number ie should be considered as and final answers to the nearest whole dollar amount. Enter the amounts in millions.
This part of the question is not part of your Connect assignment.
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