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Prepare ayayai journal entry to record loss on impairment

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Reference no: EM131743706

Question - Ayayai Corporation owns a patent that has a carrying amount of $260,000. Ayayai expects future net cash flows from this patent to total $180,000. The fair value of the patent is $80,000.

Prepare Ayayai's journal entry to record the loss on impairment.

Reference no: EM131743706

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