![subject](/tpl/images/cats/ekonomika.png)
The following information relates to a patent owned by Gentry Company:Cost $3,400,000Carrying amount $1,700,000Expected future cash flows $1,500,000Fair Value $1,200,000Instructions (a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2016. (b) Using the same assumption as part (a) above, prepare the journal entry to record amortization expense for 2017 assuming the asset has a remaining useful life of 3 years at the beginning of 2017. (c) Using the same assumption as part (a) above, prepare the journal entry (if any) at December 31, 2017, assuming the fair value of the asset has increased to $1,900,000. (d) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2016, assuming Gentry ceased using the patent at the end of 2016 and intends to dispose of the patent in the coming year. Gentry expects to incur a $10,000 cost of disposal. CAL STATE SAN BERNARDINO - DEPT OF ACCT & FINANCE - PROF M. HENRY Page 5 Expected future net cash flow 1,500,000 Fair value 1,200,000 Cost $3,400,000 Carrying amount 1,700,000
![ansver](/tpl/images/cats/User.png)
Answers: 2
![](/tpl/images/ask_question.png)
![](/tpl/images/ask_question_mob.png)
Other questions on the subject: Business
![image](/tpl/images/cats/ekonomika.png)
Business, 21.06.2019 19:10, corcoranrobert1959
Goals that are overly ambitious can discourage employees and decrease motivation, yet the idea of stretch goals is proposed as a way to get people fired up and motivated. as a manager, how might you decide where to draw the line between a “good” stretch goal and a “bad” one that is unrealistic?
Answers: 1
![image](/tpl/images/cats/ekonomika.png)
![image](/tpl/images/cats/ekonomika.png)
Business, 22.06.2019 14:00, bosskid361
Which of the following is not a characteristic of a weak economy? a. a low employment rateb. a high inflation ratec. a decreased gdpd. a high unemployment rate
Answers: 1
![image](/tpl/images/cats/ekonomika.png)
Business, 22.06.2019 14:10, ashtonbillups
Location test: question 1 of 54)water is a solvent because itoa. is made of moleculesob. dissolves many substancesc. is a saltd. has a large buffering capacity
Answers: 1
You know the right answer?
The following information relates to a patent owned by Gentry Company:Cost $3,400,000Carrying amount...
Questions in other subjects:
![Konu](/tpl/images/cats/mat.png)
![Konu](/tpl/images/cats/en.png)
English, 19.05.2021 18:50
![Konu](/tpl/images/cats/mat.png)
Mathematics, 19.05.2021 18:50
![Konu](/tpl/images/cats/obshestvoznanie.png)
![Konu](/tpl/images/cats/mat.png)
![Konu](/tpl/images/cats/informatica.png)
Computers and Technology, 19.05.2021 18:50
![Konu](/tpl/images/cats/biologiya.png)
![Konu](/tpl/images/cats/mat.png)
Mathematics, 19.05.2021 18:50
![Konu](/tpl/images/cats/geografiya.png)
![Konu](/tpl/images/cats/en.png)
English, 19.05.2021 18:50