Concept related to entry to record the impairment

Assignment Help Accounting Basics

Reference no: EM13156561

Lynch Printing Company determines that a printing press used in its operations has suffered a permanent impairment in value because of technological changes. An entry to record the impairment should:

a) not be made if the equipment is still being used.

b) recognize an extraordinary loss for the period.

c) include a credit to the equipment account.

d) include a credit to the equipment accumulated depreciation account.

Reference no: EM13156561

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