U.S. GAAP provisions require a three-step procedure for measuring and recording impairments for long-lived assets other than nonamortized intangibles and goodwill. An asset impairment loss arises when the carrying values of the assets
a. exceed the sum of the discounted cash flows.
b. exceed the sum of the undiscounted cash flows.
c. exceed the replacement cost.
d. exceed the fair market value less cost to sell.
e. exceed the fair market value.
B
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According to the interaction metaphor, each of us brings our own attitudes, perceptions, and backgrounds to communication interactions. This is known as our ______.
a. attitudes, values, and beliefs b. communication predispositions c. fields of experience d. frames of mind
When management chooses to include information in its report on ICFR that is in addition to the information required to be provided, what should the auditor do?
a. The auditor must endorse the information. b. The auditor must include the information as part of the opinion. c. The auditor will disclaim an opinion on that additional information. d. The auditor will present the information in a separate schedule in the footnotes.
When a culture gap occurs, there will be ______.
a. economic disincentives b. a difference between desired culture and actual behavior c. strategic success d. an inability for an organization to function
Jamison Company reports depreciation expense of $57,000 for Year 2. Also, equipment costing $191,000 was sold for a $6700 gain in Year 2. The following selected information is available for Jamison Company from its comparative balance sheet. Compute the cash received from the sale of the equipment. At December 31Year 2Year 1Equipment$695,000? $886,000? Accumulated Depreciation-Equipment 496,000? 585,000?
A. $102,000. B. $38,300. C. $51,700. D. $57,000. E. $45,000.