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Problem 30-13 (AICPA Adapted) On January 1, 2017, Roundabout Company purchased a machine Problem 30-3 (IFRS) for P800,000 and established an annual depreciation charge of January 1. 2020, Brandy Company owned a group of Problem 30-6 (IFRS) P100,000 over an eight-year life. UP himes with the following aggregate cost and accumulated Problem 30-17 (LAA) at the beginning of current year, Jazz Company has an depreciation: operating division whose major industry is the manufacture During 2020, after issuing the 2019 financial statements, the 90,000,000 of toy train. On January 1, 2020, Elite Company purchased equipment Machinery entity concluded that the machine suffered permanent Accumulated depreci 25,000,000 The toy train division is regarded as a cash generating unit. with a cost of P11,000,000, useful life of 10 years and no impairment of the operational value. There is a declining interest in toy train because of the residual value. The entity used straight line depreciation. The machines have an average remaining useful life of 4 years The reasonable estimate of the amount expected to be recovered and it has been determined that this group of machines aggressive marketing of computer-based toys. At every year-end, the entity determined that impairment through use of the machine for the period January 1, 2020 constitutes a cash generating unit. The management measured the value in use of the toy train through December 31, 2024 is P200,000. division at the current year end at P3,600,000. The carrying indicators are present. There is no change in the useful life The fair value less cost of disposal of this group of machines amounts of the assets of the toy train division were: or residual value. What should be reported as carrying amount of the machine on in an active market is determined to be P48,000,000. 2,000,000 December 31, 2020? Imentary 1,500,000 The following information is available for impairment testing Based on supportable and reasonable assumptions, the Trademark 1,000,000 at each year end: financial forecast for this group of machines reveals the Good will 600,000 b. 100,000 following cash inflows and cash outflows for the next four December 31, 2020 December 81, 2021 Fair value less cost 160,000 years; Required: d. of disposal 8,100,000 400,000 Cash inflows Cash outflows 8,400,000 Determine the amount of impairment loss. Value in use 8,550,000 8,200,000 1020 30,000,000 12,000,000 2. Allocate the impairment loss to the assets of the cash Problem 30-14 (AICPA Adapted) 32,500.000 17,500,000 generating unit. 2022 27,500,000 12,500,000 1. What is the impairment loss for 2010? 16,000,000 4,000,000 Prepare journal entry to record the impairment loss. 2023 Mortal Company acquired a machine for P3,200,000 on August a. 1,350,000 It is believed that a discount rate of 8% is reflective of time Problem 30-7 (IFRS) 31, 2017. b. 1,800,000 value of money. The table of present value shows the following Palpable Company has determined that the furniture division C. 2,450,000 The machine has a 5-year useful life, a P500,000 residual present value of 1 at 8%: is a cash generating unit. The entity calculated the value in . value, and was depreciated using the straight line method. Period Present value of 1 use of the division to be P11,000;000. 2. What is the gain on reversal of impairment for 2021? -930 On May 31, 2020, a test for recoverability revealed that the The entity has also determined that the fair value less cost .857 of disposal of the building is P6,500,000. The carrying expected net future undiscounted cash inflows related to 794 amounts of the assets are: a. 1,200,000 .735 the continued use and eventual disposal of the machine 800,000 amount to P1,500,000. Building 8,000,000 400,000 Required: Equipment Inventory 4,000,000 The fair value less cost of disposal of the machine on May 1. Determine the value in use, 4,000,000 31, 2020 is P1,350,000 with no residual value. 2. Determine the recoverable amount. Required: 3. What is the depreciation for 2022? What is the depreciation of the machine for June 2020? 3. Prepare journal entry to record ofimpairment loss, if any. J. Determine the impairment loss 4. Prepare journal entry to record the depreciation for the " Allocate the impairment loss to the assets of the cash 1,050,000 current year. generating unit. 1,100,000 51,000 3. Prepare journal entry to record the impairment loss. C. 1,025,000 50,000 950,000 45,000 Problem 30-2 (AICPA Adapted) 53,000 In January 2018, Wine Company purchased equipment at a cost on P2,500,000. The equipment has a residual value of P500,000, a useful life of 8 years and is depreciated by the straight line method. Two years later, it became apparent that this equipment suffered permanent impairment in value. In January 2020, management determined the recoverable amount of the equipment to be only P875,000 with a 2-year remaining useful life and residual value of P125,000. Required: 1. Prepare journal entry to record the impairment loss on January 1, 2020. 2. Prepare journal entry to record the depreciation for 2020. 3. Determine the carrying amount of the equipment on December 31, 2020