Splish Brothers Ltd. is a publicly listed company following IFRS. Assume that on December 31. 2020. the carrying amount of land on the statement of financial position (SFP) is $505.000. Management determines that the land's value in use is $435.000 and that the fair value less costs to sell is $400.000. Using the rational entity impairment model, prepare the journal entry required, if any. to record the impairment loss. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required. select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit December 31, 2020

Splish Brothers Ltd. is a publicly listed company following IFRS. Assume that on December 31. 2020. the carrying amount of land on the statement of financial position (SFP) is $505.000. Management determines that the land's value in use is $435.000 and that the fair value less costs to sell is $400.000. Using the rational entity impairment model, prepare the journal entry required, if any. to record the impairment loss. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required. select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit December 31, 2020

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 17P: On December 31, 2019, Vail Company owned the following assets: Vail computes depreciation and...

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