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Does Maple Inc need to record impairment for this furniture

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Question - Maple Inc. owns a furniture that as of December 31, 2019, had a cost of $50,000 and accumulated depreciation of $40,000. The firm had a reason to believe that the furniture was impaired. The firm estimated the future cash flows of the furniture at $9,000 and the fair value of the furniture at $7,000. Does Maple Inc. need to record an impairment for this furniture? If so, show your work to explain why and provide the journal entry for the impairment.

Reference no: EM132746118

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