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please help!!!!! asap!! Information has been collected regarding Orange Company's cash-generating unit that includes goodwill. At 31 December 2005, the assets of the Orange Company's
please help!!!!! asap!! Information has been collected regarding Orange Company's cash-generating unit that includes goodwill. At 31 December 2005, the assets of the Orange Company's cash-generating unit are shown as follows (in Millions) on the company's SFP Goodwill Equipment Building Patent rights Cost $ 950 3,150 4,730 290 $9,120 Accumulated Depreciation @ 2,880 1,55 210 $3,840 Net Book Value $ 950 1,070 3,180 80 $5,280 An impairment test indicates that the recoverable amount assigned to the assets of this CGU is $4,250 million. The assets are not separable--they must be operated or sold together as a group, Return Required: 1. Prepare an adjusting Journal entry to record the impairment. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field. Round your intermediate percentage answers to the nearest whole number (L.e. 0.12 should be considered as 12%) and final answers to the nearest whole dollar amount. Enter the amounts in millions.) 3 Answer is not complete. No Transaction General Journal Debit Credit Impairment loss 1030 Cash 1030 1 Journal entry worksheet Record the adjusting entry for impairment of all the assets in the group. Note: Enter debits before credits. General Journal Debit Credit Transaction Impairment loss Cash 1.030 1.030 Record entry Clear entry View general journal
please help!!!!! asap!!
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