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Scroll down to complete all parts of this task. At December 31, Year 5, Aaron...

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Accounting

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Scroll down to complete all parts of this task. At December 31, Year 5, Aaron Co. had the following property, plant, and equipment: Present Value Sum of All Useful Life from of All Cash Undiscounted the Acquisition Residual Cost to Flows Asset Fair Value Cash Flows Date (Depreciation Value Method) Sell Expected from Expected from the Asset the Asset 6 years (Straight Line) Equipment $220,000 $5,000 $255,000 $230,000 $0 Machine set Land 4 years (SYD) 8,000 335,000 310,000 320,000 660,000 9,000 600,000 640,000 Determine the impairment losses recognized for Year 5 under U.S. GAAP and IFRS. Enter the appropriate amounts in the designated cells below. Enter all amounts as positive numbers. If the correct answer is zero, enter a zero (0). Impairment Loss Under U.S. Impairment Loss Under IFRS Asset GAAP 123 123 1. Equipment 123 123 2. Machine set 123 123 3. Land Purchase Receipt 1 - Equipment Purchase Date: 7/1/Year 2 Purchase Amount: $600,000 Purchase Receipt 2- Machine Set Purchase Date: 1/1/Year 5 Purchase Amount: $600,000 Purchase Receipt 3 - Land Purchase Date: 1/1/Year 3 Purchase Amount: $650,000

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