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Give the journal entry to record the impairment loss

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Reference no: EM133065740

Question - Foreign Entity (FE) is evaluating a piece of equipment for impairment. FE uses the revaluation model to account for the asset. As of December 31, 20X7, the asset has a carrying value of $37,000. The balance in the revaluation surplus account for this asset is $3,000. The recoverable amount of the asset is determined to be $30,000. Give the journal entry to record the impairment loss on the asset.

Reference no: EM133065740

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