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How much loss on impairment

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Question - Aerosmith purchases equipment for $100,000 on January 1, 2021. Aerosmith uses straight line depreciation and the equipment has a residual value of $10,000 and a useful life of 10 years. On December 31, 2022 (after year end adjusting journal entries for depreciation have been made) Aerosmith estimates that net cash inflows for the equipment will be $10,000 per year for the remainder of the useful life (assume cash flows occur at the end of each year). How much loss on impairment, if any, does Aerosmith recognize for this asset?

Reference no: EM132955051

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