Business, 20.10.2021 14:00 yurionice42069
Presented below is net asset information related to the Kingbird Division of Santana, Inc.
Kingbird Division
Net Assets
As of December 31, 2020 (in millions)
Cash $ 73
Accounts receivable 206
Property, plant, and equipment (net) 2,617
Goodwill 202
Less: Notes payable (2,612)
Net assets $ 486
The purpose of the Kingbird 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 $ 445 million. Management has also received an offer to purchase the division for $ 335 million (deemed an appropriate fair value). All identifiable assets’ and liabilities’ book and fair value amounts are the same. Prepare the journal entry to record the impairment at December 31, 2020.
Answers: 1
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Presented below is net asset information related to the Kingbird Division of Santana, Inc.
Kingbir...
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