Reference no: EM132964242
Steelers Corp.'s balance sheet includes the following asset:
Equipment $195,000
Less: accumulated depreciation (60,000)
Book value (carrying amount) $135,000
After performing its annual review for impairment, Steelers obtains the following data:
Asset's value in use $68,000
Fair value less disposal costs 75,000
Instructions
Assuming Steelers uses the rational entity impairment model,
Problem a) Calculate the recoverable amount.
Problem b) Calculate the impairment loss.
Problem c) Prepare the entry to record the impairment loss.
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