Postemployment benefits

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The company has decided to restructure the operations at one of its stores. As part of this restructuring, the company has determined that the store facility is impaired. The store originally cost $3,000,000 and has accumulated depreciation of $1,300,000. The fair value of the store is determined to be $800,000. In addition, 32 employees at the store are being terminated as part of the severance package, each employee is entitled to job training benefits (costing $500 per employee) and two month's salary (averaging $5,000 per employee). Make the journal entry or entries necessary to record this restructuring.

Reference no: EM13150382

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