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*Exercise 11-16 Presented below is information related to equipment owned by Ivanhoe Company at December 31,...

Question:

*Exercise 11-16 Presented below is information related to equipment owned by Ivanhoe Company at December 31, 2017. Cost Accum

*Exercise 11-16 Presented below is information related to equipment owned by Ivanhoe Company at December 31, 2017. Cost Accumulated depreciation to date Expected future net cash flows Fair value $10,620,000 1,180,000 8,260,000 5,664,000 Assume that Ivanhoe will continue to use this asset in the future. As of December 31, 2017, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2017. (If no entry is required, select "No entry" for the account titles and enter o for the amounts, Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Prepare the journal entry to record depreciation expense for 2018. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit The fair value of the equipment at December 31, 2018, is $6,018,000. Prepare the journal entry (if any) necessary to record this increase in fair value. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31

Answers

Debit Coldit Particulatus And pate $877600 Dec 31 Loss on impartment $57.76, to Accumulated depreciation second the impairmenFor last question

No entry because the reversal of impairment loss is not allowed

Thank you

I hope you understand

.

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