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Find and calculate the recoverable amount

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Reference no: EM132737706

Thyme Corporation's balance sheet includes the following asset:

Equipment: $110,000

Accumulated depreciation: 20,000

After performing its annual review for impairment, Thyme obtains the following data:

Value in use: $64,000

Fair value: 70,000

Selling costs: 3,000

Required:

Assuming Thyme uses the rational entity impairment model:

Problem a. Calculate the recoverable amount.

Problem b. Calculate the impairment loss.

Problem c. Prepare the entry to record the impairment loss.

 

Reference no: EM132737706

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