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Question - Presented below is information related to equipment owned by Swifty Company at December 31, 2020.
Cost (residual value $0) $8,993,900
Accumulated depreciation to date 1,003,900
Value-in-use 5,547,800
Fair value less cost of disposal 4,374,440
Assume that Swifty will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 8 years. Swifty uses straight-line depreciation.
Required - Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020.
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