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Prepare the entry to record the impairment loss

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Reference no: EM133091542

Question - Basil Corporation's balance sheet includes the following asset:

Equipment $660,000

Accumulated depreciation: (320,000)

Basil obtains the following data at year end:

Expected future cash flows (undiscounted) $490,000

Asset value in use: $425,000

Fair value less selling costs: $400,000

Fair value $405,000

Required - Assuming Basil uses the rational entity impairment model (IFRS),

1. Calculate the impairment loss.

2. Prepare the entry to record the impairment loss.

Reference no: EM133091542

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