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Record the impairment loss for Steel Magnolia

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Reference no: EM132887313

Problem - Steel Magnolia Incorporated purchased a trademark 7 years ago for $275,000. Steel Magnolia believed the trade- mark would have an indefinite life. At the end of 2020, the corporation believes the fair value of the trademark is $189,000. Record the impairment loss for Steel Magnolia.

Reference no: EM132887313

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