Reference no: EM132961853
Eagles Corp.'s balance sheet includes the following asset:
Equipment.................................................. $95,000
Less: accumulated depreciation................ (25,000)
Book value (carrying amount)................... $70,000
After performing its annual review for impairment, Eagles obtains the following data:
Asset's value in use................................... $58,000
Fair value less disposal costs..................... 62,000
Instructions
Assuming Eagles uses the rational entity impairment model,
Problem 1: Calculate the recoverable amount.
Problem 2: Calculate the impairment loss.
Problem 3: Prepare the entry to record the impairment loss.
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