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Presented below is net asset information related to the Kingbird Division of Santana, Inc. The purpose of the Kingbird Division is to develop a nuclear
Presented below is net asset information related to the Kingbird Division of Santana, Inc. The purpose of the Kingbird Division is to develop a nuclearpowered aircraft. If successful, traveling delays associated with refueling could be substantially reduced. Many other benefits would also occur. To date, management has not had much success and is deciding whether a writedown at this time is appropriate. Management estimated its future net cash flows from the project to be $ million. Management has also received an offer to purchase the division for $ million deemed an appropriate fair value All identifiable assets' and liabilities' book and fair value amounts are the same. a Prepare the journal entry to record the impairment at December If no entry is required, select No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry. Account Titles and Explanation
Presented below is net asset information related to the Kingbird Division of Santana, Inc.
The purpose of the Kingbird Division is to develop a nuclearpowered aircraft. If successful, traveling delays associated with refueling
could be substantially reduced. Many other benefits would also occur. To date, management has not had much success and is deciding
whether a writedown at this time is appropriate. Management estimated its future net cash flows from the project to be $ million.
Management has also received an offer to purchase the division for $ million deemed an appropriate fair value All identifiable
assets' and liabilities' book and fair value amounts are the same.
a
Prepare the journal entry to record the impairment at December If no entry is required, select No Entry" for the account
titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List
debit entry before credit entry.
Account Titles and Explanation
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