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As of December 31, 2020, Joseph Industries’ Corporate Headqu…
As of December 31, 2020, Joseph Industries’ Corporate Headquarters is capitalized on their balance sheet at a historical cost of $5,000,000 with accumulated depreciation of $1,000,000. Due to a downturn in the market that Joseph operates in, the future cash flows related to their headquarters is $3,000,000 and they just received an offer from Lex Lighting Company to purchase the building for $2,000,000. Assuming Joseph does not sell the building, but does follow appropriate impairment accounting during 2020, what amount of accumulated depreciation will they report on their balance sheet as of December 31, 2021 assuming a remaining 20-year useful life, no salvage value and straight-line depreciation.
As of December 31, 2020, Joseph Industries’ Corporate Headqu…
Questions
As оf December 31, 2020, Jоseph Industries' Cоrporаte Heаdquаrters is capitalized on their balance sheet at a historical cost of $5,000,000 with accumulated depreciation of $1,000,000. Due to a downturn in the market that Joseph operates in, the future cash flows related to their headquarters is $3,000,000 and they just received an offer from Lex Lighting Company to purchase the building for $2,000,000. Assuming Joseph does not sell the building, but does follow appropriate impairment accounting during 2020, what amount of accumulated depreciation will they report on their balance sheet as of December 31, 2021 assuming a remaining 20-year useful life, no salvage value and straight-line depreciation.
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