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Lynch printing company determines that a printing press

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Lynch Printing Company determines that a printing press used in its operations has suffered a permanent impairment in value because of technological changes. An entry to record the impairment should

a. recognize an extraordinary loss for the period.

b. include a credit to the equipment accumulated depreciation account.

c. include a credit to the equipment account.

d. not be made if the equipment is still being used.

The answer is b, but i think is c and the journal entry should be dr Accumulated Depreciation dr Impairment loss cr PPE Can you explain why the answer is b and what i did wrong?

Reference no: EM131775428

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