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Prepare journal entries to record the impairment in asset

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Reference no: EM133172392

Question - Recording Asset Impairment Losses - After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing equipment. The equipment had cost $752,000, accumulated depreciation was $554,000, and its fair value (based on estimated future cash flows from selling the equipment) was $52,000.

Required -

1. Determine whether the equipment is impaired.

2. Prepare the journal entries to record the impairment in asset if any. Record the entry remove accumulated depreciation. Record the impairment loss.

Reference no: EM133172392

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