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Prepare crane journal entry if needed

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Reference no: EM133052421

Question - Crane Corporation owns a patent that has a carrying amount of $313,000. Crane expects future net cash flows from this patent to total $217,000 over its remaining life of 10 years. The recoverable amount of the patent is $105,000. Assume that at the end of the year following the impairment (after recording amortization expense), the estimated recoverable amount for the patent is $134,000. Prepare Crane's journal entry, if needed.

Reference no: EM133052421

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