What is the impairment loss for 2021

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A company purchased a piece of equipment for $30,000 on January 1, 2019. Management estimates salvage value of $3,000 and a useful life of five years. It uses the straight-line method of depreciation. Where applicable, it applies the half-year rule. On December 31, 2021 the equipment's fair value is estimated to be $3,000. What is the impairment loss for 2021?

Reference no: EM132421215

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