Determine the amount balance sheet using us gaap


Ramshare Company acquired equipment at the beginning of 2011 at a cost of $100,000. The equipment has a five-year life with no expected salvage value and is depreciated on a straight-line basis. At December 31, 2011 Ramshare compiled the following information related to equipment: Expected future cash flows from use of the equipment are $85,000. Present value of expected future cash flows from use of the equipment are $75,000. Fair value (net selling price) less costs to dispose are $72,000. Determine the amount at which Ramshare should carry this equipment on its December 31, 2011 balance sheet using U.S. GAAP.

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Accounting Basics: Determine the amount balance sheet using us gaap
Reference No:- TGS073251

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