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1. Goodwill Impairment Presented below is net asset information related to the Mischa Division of Santana, Inc. The purpose of the Mischa division is to develop a nuclear-powered aircraft. If successful, traveling delays associated with refueling could be substantially reduced. Many other benefits would also occur. To date, management has not had much success and is deciding whether a write-down at this time is appropriate. Management estimated its future net cash flows from the project to be $400 million. Management has also received an offer to purchase the division for $335 million. All identifiable assets' and liabilities' book and fair value amounts are the same.
(a) Prepare the journal entry (if any) to record the impairment at December 31, 2010.
(b) At December 31, 2011, it is estimated that the division's fair value increased to $345 million. Prepare the journal entry (if any) to record this increase in fair value.
Roulette. An observer at the roulette wheel in Monte Carlo notices that there seems to be no pattern to the num- bers that come up during an entire evening. Is this an ex- ample of special- or common-cause variation? Explain.
The distinction between separately stated and nonseparately stated
the following information applies to the questions displayed below.petes tennis shop has the following transactions
Are the materials costs and processing costs relevant in the choice between alternatives A and B? (Ignore the equipment rental and occupancy costs in this question.)
Which of the following investment ranking methods does not consider the time value of money and regarding the evaluation of projects?
Which of the following is a significant disadvantage of a general partnership
Work the previous problem when the demands are positively correlated, as they might be with products such as peanut butter and jelly. Now use r = 0.3, r = 0.5, and r = 0.7 in your simulations.
‘In recent years, the IASC/B has clearly been moving towards the use of current values rather than historical costs.' Discuss.
Evaluate the different areas of accounting research, positive accounting theory, capital market research, behavioural research in accounting, and emerging issues.
An auto plant costs $100 million to build but can produce a new line of cars that will produce cash flows with a present value of $140 million if the line is successful. Illustrate the option to abandon in (b) using a decision tree.
Suppose that Kilgore, Inc., is the company that accepted the note from Dieland Company in RE14-12.
Briefly describe what you understand by the term 'going concern' and state the minimum period you would expect the company to continue in business for it to be considered a going concern.
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