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What should Concord record as an impairment loss on July

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Reference no: EM132521712

Question - Concord Corporation bought a machine on January 1, 2011 for $794000. The machine had an expected life of 20 years and was expected to have a salvage value of $76000. On July 1, 2021, the company reviewed the potential of the machine and determined that its future net cash flows totaled $405000 and its fair value was $298000. If the company does not plan to dispose of it, what should Concord record as an impairment loss on July 1, 2021?

a. $12050

b. $31000

c. $0

d. $119050

Reference no: EM132521712

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