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Kenoly corporation owns a patent that has a carrying amount

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Reference no: EM13581495

Kenoly Corporation owns a patent that has a carrying amount of $308,160. Kenoly expects future net cash flows from this patent to total $200,190. The fair value of the patent is $118,080.

Prepare Kenoly's journal entry, if necessary, to record the loss on impairment.

Reference no: EM13581495

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