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Identify main difference between plant assets and inventory

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Reference no: EM131533953

Question: 1. Identify the main difference between

(1) plant assets and inventory,

(2) plant assets and current assets, and

(3) plant assets and long-term investments.

2. Assume a company's equipment carries a book value of $4,000 ($4,500 cost less $500 accumulated depreciation) and a fair value of $3,750, and that the $250 decline in fair value in comparison to the book value meets the 2-step impairment test. Prepare the entry to record this $250 impairment.

Reference no: EM131533953

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