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On 11/1/19, Jason paid $10,000 for a coin collection called Liberty Collection. He incurred legal fees of $400 and filing expenses of $3,500 to obtain
On 11/1/19, Jason paid $10,000 for a coin collection called Liberty Collection. He incurred legal fees of $400 and filing expenses of $3,500 to obtain this coin collection. Jason plans to use the coins over the next 10 years to teach the kids about coins while they are still young. At the end of its useful life, he will be able to sell it for $1,000. a. How much would Jason amortize this coin collection for in 2019? b. How much would Jason amortize this coin collection for in 2020? C. During 2021, Jason determined that he would only receive future cash flows and a fair value of $5,600 for owning this coin collection. With that said, is Jason's collectionimpaired? HINT: First determine the book value as of 1/1/21, then determine the impairment amount, if any
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