C-Stop Reports the Following Information at Year-End: Based on the Above

question 100

Multiple Choice

C-Stop reports the following information at year-end: Based on the above information,what is the total amount of impairment loss that C-Stop should record at year end?

• A)$141,000.
• B)$126,000.
• C)$123,000.
• D)$122,000.The building and the copyright are impaired since their estimated future cash flows are less than book value.The impairment loss is calculated as the difference between the book value and the fair value: Building ($500,000 - $360,000)= $140,000 and Copyright (40,000 - $39,000)= $1,000.Total impairment loss ($140,000 + $1,000)= $141,000.

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