Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. please answer this 2 part question fast and i will

please answer this 2 part question fast and i will upvote if you dont answer...

50.1K

Verified Solution

Question

Accounting

image
please answer this 2 part question fast and i will upvote if you dont answer both i will not like
image
The following information is related to equipment owned by the ASU Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $10,000,000 3,000,000 6,000,000 4,000,000 ASU Company will continue to use this equipment in the future. The equipment has a remaining useful life of 4 years. What amount should ASU Company report as an impairment loss for 2020? $2,000,000 $3,000,000 $4,000,000 $0--No impairment loss recognized The following information is related to equipment owned by the ASU Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $10,000,000 3,000,000 6.000.000 4,000,000 ASU Company will continue to use this equipment in the future. The equipment has a remaining useful life of 4 years. What amount should ASU Company record as Depreciation Expense for 2021? $3.000.000 $2,500,000 $1.000.000 $0 - - No depreciation expense recognized

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students