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Prepare the journal entry to record the impairment loss

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Question - Kinoland Company owns machinery that cost $900,000 and has accumulated depreciation of $360,000. The expected future net cash flows from the use of this asset are expected to be $500,000. The fair value of the equipment is $400,000. Prepare the journal entry, if any, to record the impairment loss.

Reference no: EM133109148

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