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The following information was provided in the current year 1 0 - K of International Lodgings, Inc. Note 7 : Property and Equipment ( $
The following information was provided in the current year K of International Lodgings, Inc. Note : Property and Equipment $ millions Current Year Prior Year Property and equipment, gross $ $ Accumulated depreciation and amortization Property and equipment, net $ $ During the current year ended December we recognized $ million of impairment losses related to property and equipment, including $ million for finance lease ROU assets, which reduced the gross carrying value of property and equipment by $ including finance lease ROY assets by $ million, and the accumulated depreciation and amortization by $ million, including finance lease ROU assets by $ million. Note also revealed that depreciation and amortization expense on property and equipment totaled $ million during the current year. The statement of cash flows reported that expenditures for property and equipment totaled $ million during the current year and that there were neither proceeds nor gain or loss on the sale of property and equipment during the year. Using the information provided, prepare a journal entry and record in the FSET: a the acquisition of new property and equipment during the year; b the depreciation and amortization expense for the year; c the impairment of the company's property and equipment during the year. Im not sure what I am missing
The following information was provided in the current year K of International Lodgings, Inc.
Note : Property and Equipment $ millions
Current Year Prior Year
Property and equipment, gross $ $
Accumulated depreciation and amortization
Property and equipment, net $ $
During the current year ended December we recognized $ million of impairment
losses related to property and equipment, including $ million for finance lease ROU assets,
which reduced the gross carrying value of property and equipment by $ including
finance lease ROY assets by $ million, and the accumulated depreciation and amortization by
$ million, including finance lease ROU assets by $ million.
Note also revealed that depreciation and amortization expense on property and equipment
totaled $ million during the current year. The statement of cash flows reported that expenditures
for property and equipment totaled $ million during the current year and that there were neither
proceeds nor gain or loss on the sale of property and equipment during the year.
Using the information provided, prepare a journal entry and record in the FSET:
a the acquisition of new property and equipment during the year;
b the depreciation and amortization expense for the year;
c the impairment of the company's property and equipment during the year. Im not sure what I am missing
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