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REDUCTION OF CARRYING VALUE OF ASSETS | 12 Months Ended
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Sep. 30, 2011
REDUCTION OF CARRYING VALUE OF ASSETS |
REDUCTION OF CARRYING VALUE OF ASSETS |
11. REDUCTION OF CARRYING VALUE OF ASSETS During fiscal years 2011 and 2010, Barnwell reduced the carrying value of certain assets. A breakdown of the reduction of the carrying value of assets as reported in the Consolidated Statements of Operations is as follows:
|  | Year ended September 30, |
|  | 2011 |  |  |  | 2010 |
Investment in residential parcels |  | $ | 689,000 |  |  |  | $ | 1,578,000 |
Real estate held for sale |  | 418,000 |  |  |  | 571,000 |
Investment in joint ventures |  | 121,000 |  |  |  | - |
Total reduction of carrying value of assets |  | $ | 1,228,000 |  |  |  | $ | 2,149,000 |
During the year ended September 30, 2010, due to changes in fair values for real estate in the Lot 4A Increment I area of Kaupulehu, North Kona, Hawaii, Barnwell recorded write-downs of $1,578,000 and $571,000 for its investment in residential parcels and real estate held for sale, respectively. Barnwell recognized additional impairment losses of $689,000 and $418,000 during the year ended September 30, 2011 for its investment in residential parcels and real estate held for sale, respectively, primarily due to changes in fair values in the area of Kaupulehu 2007’s interests. Kona Village Resort sustained considerable damage as a result of the March 11, 2011 tsunami generated by a 9.0-magnitude earthquake that took place off the coast of Japan and subsequently announced it would close indefinitely and lay off its employees. As a result of the resort’s shutdown, Barnwell determined a write-off of its remaining investment in Kona Village Investors, LLC was necessary. The write-off totaled $121,000 for the year ended September 30, 2011. No reduction was necessary during the year ended September 30, 2010.

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- Definition The entire disclosure for the details of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Disclosure may also include a description of the impaired asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired asset is reported. + References No definition available. + Details
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