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How much impairment loss should company a report

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Reference no: EM133129153

Question - Company A purchased equipment on January 1, 2020 for $1,700,000. The equipment is depreciated on the double-declining balance method over an estimated useful life of 25 years, with a salvage value of $70,000. The equipment passes the recoverability test on December 31, 2020. On December 31, 2021, the management projects the annual undiscounted future net cash flows from this equipment to be $50,000 and the present value of these future cash flows to be $737,570. How much impairment loss should Company A report at the end of 2021?

Reference no: EM133129153

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