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Prepare the journal entry to record the impairment loss

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problem 1: Team Company owns machinery that cost $900,000 and has accumulated depreciation of $330,000. The present value of expected future net cash flows from the use of the asset are expected to be $500,000. The fair value less cost of disposal of the equipment is $400,000. Prepare the journal entry, if any, to record the impairment loss or revaluation gains, assuming the use of revaluation model.

Reference no: EM132784314

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