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Thyme Corporation's balance sheet includes the following asset:
Equipment: $110,000
Accumulated depreciation: 20,000
After performing its annual review for impairment, Thyme obtains the following data:
Value in use: $64,000
Fair value: 70,000
Selling costs: 3,000
Required:
Assuming Thyme uses the rational entity impairment model:
Problem a. Calculate the recoverable amount.
Problem b. Calculate the impairment loss.
Problem c. Prepare the entry to record the impairment loss.
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