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Prepare the journal entry if any to record the impairment

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Pharoah Company owns equipment that cost $990,000 and has accumulated depreciation of $418,000. The expected future net cash flows from the use of the asset are expected to be $550,000. The fair value of the equipment is $440,000.

Prepare the journal entry, if any, to record the impairment loss.

Reference no: EM132344514

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