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Calculate the equipment carrying amount at december

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Question - Ivanhoe Corporation uses straight-line depreciation, prepares adjusting entries annually, and has a December 31 year end. It purchased equipment on January 1, 2020, for $201,300. The equipment had an estimated useful life of five years and a residual value of $18,980. On December 31, 2021, the company tests for impairment and determines that the equipment's fair value is $109,500. Assuming annual depreciation has already been recorded at December 31, calculate the equipment's carrying amount at December 31, 2021, immediately after recording depreciation for the year.

Reference no: EM133137499

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