At the beginning of Year 1, Sports Gear Inc. (SGI) acquired a college apparel license at a cost of $28,000,000, excluding legal fees of $1,600,000 and registration fees of $400,000. The company estimated that the license would have a useful (legal) life of 15 years. For Question 3, assume that the fair value of the license at the end of Year 1, Year 2, and Year 3 is $26,600,000, $26,300,000, and $23,850,000, respectively. 1. What amount will the company report as the carrying value of the license asset at the end of Year 2 under US GAAP?
2. If the company determines that the license asset is impaired by $3,00,000 at the beginning of Year 3, what is the total amount of expense related to the license reported on the income statement for Year 3 under US GAAP?
3. Determine the amount of revaluation gain or loss that is reported on the income statement for Year 2 under IFRS if the revaluation model is used.

King fisher aviation is evaluating an investment project with the following case flows: $6,000 $5,500 $7,000 $8,000 discount rate 14 percent what is the discounted payback period for these cash flows if the initial cost is 15,000? what if the initial cost is $12,000? what if the cost is $16,000?

Unrecorded depreciation on the trucks at the end of the year is $40,000. the total amount of accrued interest expense at year-end is $6,000. the cost of unused office supplies still available at year-end is $2,000. 1. use the above information about the company’s adjustments to complete a 10-column work sheet. 2a. prepare the year-end closing entries for dylan delivery company as of december 31, 2017. 2b. determine the capital amount to be reported on the december 31, 2017 balance sheet.

Transactions on april 1 of the current year, andrea byrd established a business to manage rental property. she completed the following transactions during april: opened a business bank account with a deposit of $45,000 from personal funds. purchased office supplies on account, $2,000. received cash from fees earned for managing rental property, $8,500. paid rent on office and equipment for the month, $5,000. paid creditors on account, $1,375. billed customers for fees earned for managing rental property, $11,250. paid automobile expenses for month, $840, and miscellaneous expenses, $900. paid office salaries, $3,600. determined that the cost of supplies on hand was $550; therefore, the cost of supplies used was $1,450. withdrew cash for personal use, $2,000. required: 1. indicate the effect of each transaction and the balances after each transaction: for those boxes in which no entry is required, leave the box blank. for those boxes in which you must enter subtractive or negative numbers use a minus sign. (example: -300)