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Calculate the impairment loss with explanation

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Reference no: EM132524169

Question - Sunshine Corporation's balance sheets includes the following asset:

Equipment $110,000

Less: Accumulated depreciation (20,000)

Carrying amount (book value) $90,000

After performing its annual review for impairment, Thyme obtains the following data:

Asset value in use $64,000

Fair value less selling costs $67,000

Required - Assuming Sunshine uses the rational entity impairment model:

1. Explain and calculate the recoverable mount.

2. Calculate the impairment loss with explanation.

3. Prepare the entry to record the impairment loss.

Reference no: EM132524169

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