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Prepare the journal entry to record the impairment of asset

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Question - Presented below is the information related to copyrights owned by Wamser Corporation at December 31, 2020.

Cost $6,800,000

Accumulated Amortization 200,000

Expected future net cash flows 4,500,000

Fair value 5,600,000

Assume Wamser will continue to use this asset in the future. As of December 31, 2020, the copyrights have a remaining useful life of 5 years.

Required - Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020.

Reference no: EM133054060

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