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Perform impairment test and record any necessary write down

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Question - Bass Company last year purchased some machinery for $4,400,000. It has a four year life with a $400,000 residual value. They depreciated the machinery for two years using straight line depreciation. After the second year, they discovered that its remaining cash flows undiscounted would be $2,435,000 with a fair market value of $2,200,000. Perform the impairment test and record any necessary write down.

Reference no: EM131702534

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