The questions are all about the impairment of asset in intermediate accounting subject. Kindly attached the solutions of your answers. Thank you.

Items 1 to 3 are based on the following : At the beginning of the current year, Williams Company acquired another entity in a business combination. As a result of the combination, the following amounts of goodwill were recorded for each of the three CGUs of the acquiree: CGU Genesis 600,000; CGU Exodus 400,000; CGU Leviticus 800,000; Near the end of current year, a new major competitor entered the entity's market and the entity was concerned that this might cause a significant decline in the value of goodwill. Accordingly, the entity computed the implied value of the goodwill for the three major reporting units at year-end as follows: CGU Genesis 500,000; CGU Exodus 200,000; CGU Leviticus 1,200,000.

1. What is the impairment of goodwill attributable to CGU Genesis?

2. What is the impairment of goodwill attributable to CGU Exodus?

3. What is the impairment of goodwill attributable of CGU Leviticus?

Items 4 to 5 are based on the following : Coburn Company is testing two reporting units for impairment of goodwill. Information about results of such tests are shown as follows: CGU X & CGU Y, respectively Segment carrying amount including goodwill 5,000,000 & 6,000,000; Carrying amount of goodwill 1,000,000 & 1,000,000; Estimated fair value of total assets 5,800,000 & 5,600,000; Estimated fair value other than goodwill 4,200,000 & 5,000,000

4. After properly adjusting the goodwill for impairment, what is the adjusted amount of goodwill for the reporting unit CGU X?

5. After properly adjusting the goodwill for impairment, what is the adjusted amount of goodwill for the reporting unit CGU Y?

Items 6 and 7 are based on the following : On July 1, 2016, Del Torro Corp. purchased computer equipment at a cost of P360,000. This equipment was estimated to have a six-year life with no residual value and was depreciated by the straight-line method. On December 31, 2018, Del Torro determined that this equipment could no longer process data efficiently, that its value had been permanently impaired, and that P70,000 could be recovered over the remaining useful life of the equipment.

6. What is the impairment loss recognized in the accounts on December 31, 2018?

7. What is the asset's carrying amount at December 31, 2019?

8.Broadbent Company determined that due to obsolescence, equipment with original cost of P1,800,000 and accumulated depreciation at December 31, 2018 of P840,000 had suffered permanent impairment and as a result should have a carrying value of only P600,000 at that date. In addition, the remaining useful life of the equipment was reduced from eight to three years. In its December 31, 2019 statement of financial position, what amount should Broadbent report as accumulated depreciation?

Items 9 to 14 are based on the following : On January 1, 2019, the revaluation of Cooper Company shows the following : Machinery, cost P15,000,000; 10-year life, 4 years expired; Sound value P14,400,000. On December 31, 2021, 3 years after the revaluation, an impairment of the machinery is indicated and the recoverable amount (fair value) is P3,150,000. In 2022, there is a reversal of impairment related to the machinery. On December 31, 2022, the recoverable amount (fair value) is P3,600,000.

9. What is the piecemeal realization of revaluation surplus on December 31, 2019?

10. In recording the impairment loss on 12/31/21, what amount is debited to revaluation surplus?

11. In recording the impairment loss on 12/31/21, what amount is debited to Impairment loss?

12. What is the depreciation expense in 2022?

13. In recording the reversal of impairment on 12/31/22, what amount is credited to Revaluation surplus?

14. In recording the reversal of impairment on 12/31/22, what amount, if any, is credited to Gain on reversal of impairment?

Items 15 to 17 are based on the following : Robbins Company reported an impairment loss of P6,000,000 in the income statement for the year ended December 31, 2019. This loss was related to long-lived assets acquired on January 1, 2018 with cost of P30,000,000, useful life of 10 years and no residual value. On December 31, 2019, the entity reported the long-lived assets at P18,000,000 which is the fair value less cost of disposal on such date. On December 31, 2020, the company determined that the FVLCOD of the impaired long-lived assets had increased to P22,500,000. The straight-line depreciation is recorded for the impaired assets.

15. What is the impairment loss for the year ended December 31, 2019?

16. What is the depreciation for 2020?

17. What is the gain on reversal of impairment in 2020?

Items 18 to 20 are based on the following : Freeman Company determined that its Clooney division is a cash generating unit. The company calculated the value in use of the division to be P24,000,000. The assets of the CGU at carrying amount are as follows : Building P15,000,000; Equipment 9,000,000; Inventory 6,000,000. The entity has also determined that the fair value less cost of disposal of the building is P13,500,000. In recording the impairment,

18. What amount is credited to Accumulated depreciation-Building?

19. What amount is credited to Accumulated depreciation - Equipment?

20. What amount is credited to Inventory?