aw Co. reported the following calculation relating to an impairment loss suffered on December 31, 2021: Goodwill Other assets Carrying amount mpairment loss Adjusted carrying amount 3,000,000 (3,000,000) 0 9,000,000 (2,000,000) 7,000,000 There has been a favorable change in the estimate of the recoverable amount of the net assets. The recoverable amount is now P8,000,000 on December 31, 2022. The "Other assets" are depreciated at 20% of reducing balance. Required: 1. How much is the carrying amount of the "Other assets" on December 31, 2022 had there been no impairment? 2. What amount of gain on roun impairment should be recognized in 20222

aw Co. reported the following calculation relating to an impairment loss suffered on December 31, 2021: Goodwill Other assets Carrying amount mpairment loss Adjusted carrying amount 3,000,000 (3,000,000) 0 9,000,000 (2,000,000) 7,000,000 There has been a favorable change in the estimate of the recoverable amount of the net assets. The recoverable amount is now P8,000,000 on December 31, 2022. The "Other assets" are depreciated at 20% of reducing balance. Required: 1. How much is the carrying amount of the "Other assets" on December 31, 2022 had there been no impairment? 2. What amount of gain on roun impairment should be recognized in 20222

Name: Law Co. reported the following calculation relating to an impairment
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Description: Law Co. reported the following calculation relating to an impairment loss suffered on December 31, 2021:GoodwillOther assets3,000,000(3,000,000)0Carrying amountImpairment lossAdjusted carryingamount9,000,000(2,000,000)7,000,000There has been a favor

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 6MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense...

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