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Max Inc. purchased on January 2, 2017, equipment with a cost of $10,440,000, a useful life of 10 years and no salvage value. The Company uses straight-line depreciation. At December 31, 2017 and December 31, 2018, the company determines that impairment indicators are present.
The following information is available for impairment testing at each year end:
12/31/2017 12/31/2018 Fair value less cost to sell $9,315,000 $8,350,000 Value-in-use $9,350,000 $8,315,000 Problem 1: There is no change in the asset's useful life or salvage value. The 2018 income statement will report (impairment loss or recovery of impairment loss) ___________ of $_____________
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