3. Assume that on January 2, 2022, the copyrighted item was impaired in its ability to continue to produce strong revenues. The other intangible assets were not affected. Starn estimated that the copyright would be able to produce future cash flows of $22,700. The fair value of the copyright was determined to be $21,700. Compute the amount, if any, of the impairment loss to be recorded.

Explained

Explanation:

The impairment loss can be calculated by comparing the carrying value and the higher of recoverable amount and value in use assets. In this question, the carrying value of the copyrighted item is not given. But we have the recoverable amount (FV) and the Value in use( i.e Future cashflows).In this question, the value in use is higher than the recoverable amount. so we will deduct value in use from the carrying amount of the copyrighted asset.

Impairment loss = Carrying value - Value in use

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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