At year end the Carleton Corporation reviewed all of its property, plant and equipment assets for impairment. It discovered that its boiler's recoverable amount exceeded its carrying value by $5,500. Another one of its assets, a warehouse building previously written down for an impairment of $12,750 experienced a financial recovery. Prepare the required adjustments. Note Carleton Corporation is a publicly traded corporation.
29) Key West Corporation, a public company determined its plant has experience an impairment due to a loss in market value. The impairment amount calculated by the controller totals $22,650. Prepare the required journal entry.
30) Key West Corporation, a public company purchased its plant at a cost of $10.7 million, with no residual value. The plant is to be depreciated over 20 years. At this time the company selected the revaluation method.
December 31, 2010 a real estate expert determined this building is now worth $18.6 million.
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