Determine if any of the above assets are impaired

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Reference no: EM133340974

Question: GHI Company performs an assessment annually for possible impairment losses and has gathered

the following information to selected assets on December 31, 2021:

Asset	Building	Equipment	Machines	Furniture
Original cost	$400,000	$245,000	$100,000	$20,000
Accumulated depreciation	220,000	16,000	20,000	13,000
Recoverable amount	550,000	225,000	70,000	8,000
Impairment loss (if any)	?	?	?	?

Determine if any of the above assets are impaired and prepare any necessary adjusting journal entries to record the impairments on December 31, 2021

Reference no: EM133340974

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