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Prepare the journal entry to record the impairment loss

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Reference no: EM133089169

Question - Skysong Company owns equipment that cost $954,000 and has accumulated depreciation of $402,800. The expected future net cash flows from the use of the asset are expected to be $530,000. The fair value of the equipment is $424,000.

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

Reference no: EM133089169

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