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Calculate the equipments carrying amount

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Problem - Crane Technology purchased equipment on January 4, 2019, for $251,920. The equipment had an estimated useful life of 8 years and a residual value of $8,720. The company has a December 31 year end and uses straight-line depreciation. On December 31, 2021, the company tests for impairment and determines that the equipment's recoverable amount is $98,690.

Calculate the equipment's carrying amount at December 31, 2021 (after recording the annual depreciation). Record the impairment loss.

Reference no: EM132962682

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