In: Accounting
Mikkeli OY acquired a brand name with an indefinite life in 2015 for 43,000 markkas. At December 31, 2017, the brand name could be sold for 37,600 markkas, with zero costs to sell. Expected cash flows from the continued use of the brand are 45,200 markkas, and the present value of this amount is 36,600 markkas.
Assume that a foreign company using IFRS is owned by a company using U.S. GAAP. Thus, IFRS balances must be converted to U.S. GAAP to prepare consolidated financial statements. Ignore income taxes.
Required: