E11-16 (impairment) presented below is information related to equipment owned by suarez company at december 31, 2014.
cost $9,000,000
accumulated depreciation to date 1,000,000

expected future net cash flows 7,000,000

fair value 4,800,000

assume that suarez will continue to use this asset in the future. as of december 31, 2014, the equipment has a remaining useful life of 4 years.

impairment) assume the same information as e11-16, except that suarez intends to dispose of the equipment in the coming year. it is expected that the cost of disposal will be $20,000.

instructions

(a)prepare the journal entry (if any) to record the impairment of the asset at december 31, 2014.

(b) prepare the journal entry (if any) to record depreciation expense for 2015.

(c) the asset was not sold by december 31, 2015. the fair value of the equipment on that date is

$5,300,000. prepare the journal entry (if any) necessary to record this increase in fair value. it is expected

During the first month of operations, martinson services, inc., completed the following transactions: jan 2 martinson services received $65,000 cash and issued common stock to the stockholders. 3 purchased supplies, $1,000, and equipment, $12,000, on account. 4 performed services for a customer and received cash, $5,500. 7 paid cash to acquire land, $39,000. 11 performed services for a customer and billed the customer, $4,100. martinson expects to collect within one month 16 paid for the equipment purchased january 3 on account. 17 paid for newspaper advertising, $600. 18 received partial payment from customer on account, $2,000. 22 paid the water and electricity bills, $430. 29 received $2,600 cash for servicing the heating unit of a customer. 31 paid employee salary, $2,900. 31 declared and paid dividends of $1,800. requirements 1. record each transaction in the journal. key each transaction by date. explanations are not required. 2. post the transactions to the t-accounts, using transaction dates as posting references. label the ending balance of each account bal, as shown in the chapter. 3. prepare the trial balance of martinson services, inc., at january 31 of the current year. 4. mark martinson, the manager, asks you how much in total resources the business has to work with, how much it owes, and whether january was profitable (and by how much)?

Which of these things did galileo not do? a. stop publishing his scientific work after being convicted of heresy b. invent the concept of acceleration c. experiment with rolling balls down ramps of increasing steepness to test how objects would fall d. argue that earth moves around the sun e. make up a thought experiment that indicated that objects would fall at the same rate

Acompany recorded a check in its accounting records as $87. however, the check was actually written for $78 and it cleared the bank as $78. what adjustment is needed to the personal statement? a. decrease by $9 b. increase by $9 c. decrease by $18 d. increase by $9