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What would journal entry to adjust abc machinery

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ABC Inc. applies the revaluation model to account for its Machinery and Equipment. On January 1, Year 1, its Machinery and Equipment had a net book value of $180,000. An impairment test revealed that the fair value of these assets on that date was $120,000. There was a $35,000 credit balance in the company's Revaluation Surplus - Machinery and Equipment account on that date.

What would journal entry to adjust ABC's Machinery and Equipment to fair value?

Reference no: EM131115740

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