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Is the asset impaired

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Question - Desert Reports the following for a piece of machinery. Demand for the product the machinery produces has declined so Desert deems it appropriate to test the asset for impairment. Balances are current as of the date of the impairment check.

Cost $490,000

Accumulated Depreciation $80,000

Fair Value $400,000

Undiscounted Sum of Net Future Cash Flows $420,000

Required - Is the asset impaired?

Reference no: EM133164124

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