(Solved by Expert Tutors) Rohan Company purchased equipment in January 2008 for $8,000,000 and ha

with a salvage value of $2,000,000. At December 31, 2010, new technology was introduced that would accelerate the obsolescence of Rohan?s equipment. Rohan?s controller estimates that expected future net cash flows on the equipment will be $4,900,000 and that the fair value of the equipment is $4,600,000. Rohan intends to continue using the equipment, but it is estimated that the remaining life is 2 years and new salvage value is $1,000,000. Rohan uses straight-line depreciation.

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(b) Prepare any journal entries for the depreciation of the equipment at December 31, 2011.

(c) Assume that Rohan used the double-declining balance method of depreciation, prepare the journal entry (if any) to record the impairment at December 31, 2010.

(d) Assume that Rohan used the double-declining balance method of depreciation, prepare the journal entries for the depreciation of the equipment at December 31, 2011.

 

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