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What is the impairment loss recognized

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Reference no: EM133032151

Question - Use the following scenario: Airways Corp plans to buy a new asset for $95,000, and the cost to move it to the airport where it will be used is $5,000. The estimated economic life of the asset is 5 years and managers have estimated the salvage value is $20,000. 

If Airway doesn't sell an $50,000 asset but discovers that the fair value of the asset is $40,000 at the very beginning of the fourth year, what is the impairment loss recognized?

Reference no: EM133032151

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