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Record the impairment loss

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Question - Oriole Ltd. purchased equipment on January 1, 2015 at a cost of $189,020. The equipment has an estimated useful life of 10 years and a residual value of $10,640. Oriole realized that there was a declining demand for the product being produced by the equipment. Given this indicator of possible impairment, management determined that the recoverable amount of the asset on December 31, 2018 was $97,320. The company uses the straight-line method of depreciation. Record the impairment loss, if any, on December 31, 2018.

Reference no: EM133020612

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