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Question - The management of Windsor Inc., a small private company that uses the cost recovery impairment model, was discussing whether certain equipment should be written down as a charge to current operations because of obsolescence. The assets had a cost of $830,000, and depreciation of $330,000 had been taken to December 31, 2020. On December 31, 2020, management projected the undiscounted future net cash flows from this equipment to be $390,000, and its fair value to be $310,000. The company intends to use this equipment in the future.
Required - Make the journal entry, if any, to record the impairment at December 31, 2020.
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