Multiple Choice
On December 31, 2021, CA Inc. had a machine with an original cost of $20,000 and accumulated depreciation of $5,000. An impairment test on that date indicated that the machine had a value in use of $12,000 and a fair value of $10,000 (no disposal costs) . What impairment loss is recorded for fiscal 2021?
A) $3,000
B) $5,000
C) $8,000
D) $10,000
Correct Answer:
Verified
Correct Answer:
Verified
Q92: What is "agricultural activity"?<br>A)The harvested product of
Q93: Wilson Inc wishes to use the
Q94: What is "value in use"?<br>A)The present value
Q95: Information about the PPE for Jeffery
Q96: What impairment, if any, exists on
Q98: Explain how non-current assets such as definite
Q99: When does agricultural activity end?<br>A)To the point
Q100: Grover Inc wishes to use the
Q101: Smith Inc wishes to use the
Q102: Based on the following information, what